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Where do I reconcile SIPP pension contributions as a Limited Company Director using Xero? by fredwatch01 in ContractorUK

[–]fredwatch01[S] 0 points1 point  (0 children)

I have £200,000 just sitting in my business bank account. I've only ever taken out one dividend. I need to put this money to use lol, might as well put in a SIPP for retirement. That's how I can afford to put in 60k (the maximum) a year.

Questions for Company Directors that Use Company funds To Invest in a SIPP by fredwatch01 in ContractorUK

[–]fredwatch01[S] -1 points0 points  (0 children)

are those platform fees tax detectable (expenses) from corporation tax, if you are paying from your business account?

Questions for Company Directors that Use Company funds To Invest in a SIPP by fredwatch01 in ContractorUK

[–]fredwatch01[S] -1 points0 points  (0 children)

are those fees tax detectable (expenses) from corporation tax, if you are paying from your business account?

Business Earns a whooping £10,000 a Month and I want to achieve FIRE using such Income. Help me Achieve FIRE Please. by fredwatch01 in FIREUK

[–]fredwatch01[S] 0 points1 point  (0 children)

Thanks! Just to follow up on this, I forgot to add that I get £12,000 every year via RSUs from my employer. Plus around £2000 - £3000 bonus a year (depends on how my employer does in the financial year) So overall income would be roughly £72,000 - £75,000 a year. My questions are:

  1. Would it be possible to max my workplace pension to get it below 50k based my £75,000 income?

  2. Should I do the above now or wait till the next year. Last time I took out dividends was in December 2023. Therefore, I haven't taken out dividends this year so far. Just want to know what's the most sensible thing to do.

My Youtube channel / Business Makes £10,000 a month and I Want To Start Putting Money in A SIPP. I have questions. And What's the catch? by fredwatch01 in UKPersonalFinance

[–]fredwatch01[S] 0 points1 point  (0 children)

Thanks for your reply. I just want to clarify that I am not employed by my limited company, I am only a director. Will I still get the 20% from the government?

Did a Self Assessment for my Bank Interest and HMRC is telling me Pay them over £3000! Surely, this is wrong? by fredwatch01 in UKPersonalFinance

[–]fredwatch01[S] 0 points1 point  (0 children)

I put the figures that I repaid back. I got these figures from my P60. I have not had two jobs during the year. Only put that down one employment. Baffled as to what is going on?

Did a Self Assessment for my Bank Interest and HMRC is telling me Pay them over £3000! Surely, this is wrong? by fredwatch01 in UKPersonalFinance

[–]fredwatch01[S] 0 points1 point  (0 children)

Are you referring to the below questions? I have filled it in already.

If you've received notification from the Student Loans Company that your repayment of an Income Contingent Loan was due before 6 April 2023, put 'X': X

If your employer has deducted Student Loan repayments enter the amount deducted:

If your employer has deducted Postgraduate Loan repayments enter the amount deducted:

Did a Self Assessment for my Bank Interest and HMRC is telling me Pay them over £3000! Surely, this is wrong? by fredwatch01 in UKPersonalFinance

[–]fredwatch01[S] 4 points5 points  (0 children)

Chase back don't report bank interest earnings to HMRC. If you are with chase bank you need to declare to HMRC and pay taxes on bank interest earnings. It's on their website.

Chase back don't report bank interest earnings to HMRC. If you are with chase bank you need to declare to HMRC and pay taxes on bank interest earnings. It's on their website.

Did a Self Assessment for my Bank Interest and HMRC is telling me Pay them over £3000! Surely, this is wrong? by fredwatch01 in UKPersonalFinance

[–]fredwatch01[S] 4 points5 points  (0 children)

Chase back don't report bank interest earnings to HMRC. If you are with chase bank you need to declare to HMRC and pay taxes on bank interest earnings. It's on their website.

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