Pension contributions rules on backdating dating with ariane walkthrough
Damien is one of the most widely quoted money and investment experts in the national press and has made numerous radio & TV appearances.He created Moneytothe while working in the City when he became disillusioned with the way the public were left to fend for themselves because they could not afford financial advice.As there is no such requirement for the self-employed, you may well choose to make provision for yourself.Growth on your pension savings is generally free of tax.(Members of occupational money purchase schemes receive full tax relief on contributions via their payroll).If you have not claimed higher rate tax relief for a previous tax year it is possible to make a claim - subject to certain time limits.
The deadline for completing a self assessment tax return is 31st January following the end of the tax year in which the contribution was made.
There is also a maximum amount you can hold in your pension over your lifetime – this is called the lifetime allowance.
Normally you can pay as much into your pension as you earn each year, up to a maximum of £40,000. Transferring pensions between providers doesn't use up your annual allowance.
When pensions are paid out to you they are taxable, but you should be able to take some part of the pension as a tax free lump sum.
We cannot advise you as to which type of scheme might be best for you.Every year you get a generous allowance for making contributions into SIPPs and other pensions.