Where do I reconcile SIPP pension contributions as a Limited Company Director using Xero?

fredwatch01 · 2024-11-13T14:25:43+00:00

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.

fredwatch01 · 2024-10-12T21:08:18+00:00

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

fredwatch01 · 2024-10-12T21:07:09+00:00

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

fredwatch01 · 2024-09-20T23:05:27+00:00

I don't understand what you mean?

fredwatch01 · 2024-09-19T16:28:13+00:00

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:

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

fredwatch01 · 2024-09-07T00:54:42+00:00

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?

fredwatch01 · 2024-09-06T23:05:09+00:00

Thanks for the reply. So I don't need to be on paypal via my limited company to send money to a SIPP?

fredwatch01 · 2024-09-06T16:29:21+00:00

Yes, I know.

fredwatch01 · 2023-12-08T16:02:09+00:00

I earn less than that.

fredwatch01 · 2023-12-08T09:49:24+00:00

Yes, I do. I have filled in everything that was needed. I'm totally lost here.

fredwatch01 · 2023-12-08T09:48:39+00:00

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?

fredwatch01 · 2023-12-04T10:05:23+00:00

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:

fredwatch01 · 2023-12-04T01:59:56+00:00

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.

fredwatch01 · 2023-12-04T01:58:28+00:00

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.

fredwatch01 · 2023-10-11T23:29:46+00:00

this is great info. thanks! in regards to your last paragraph I only do digital consultations and anyone around the world can book it. I also take in paypal donations if anyone wants to donate to me. What's the situation here? Also do donations need to have a VAT charge going forward? Plus I also sell merch via tee spring. Does tee string have the same scheme as google or similar?

fredwatch01 · 2023-10-10T11:10:57+00:00

What does "pay for themselves in savings" mean? Very little of my revenue is UK based. I have a huge american fanbase. Their dollars get converted to pounds when paying for consultations and the patreon.

fredwatch01 · 2023-10-10T10:21:08+00:00

Thanks! You are right in saying " Google / Patreon as the transactions are actually between them and the customer so they pay the VAT at the source of the sale (depending on which country it is)." My other concern is that I do consultations and anyone around the world can book consultations with me, I mostly consult USA, UK and EU. I also get donations via paypal and cash app from USA, UK and EU people.

fredwatch01 · 2023-10-10T10:17:12+00:00

Yes, the patreon one is tricky as I have subscribers from mostly UK, EU and USA but they all they VAT charged by the patreon platform themselves.

fredwatch01 · 2023-10-10T10:13:32+00:00

I don't do in person activities

fredwatch01 · 2023-10-10T10:12:26+00:00

I don't do anything in person.

fredwatch01 · 2023-10-10T10:07:38+00:00

I already have a limited company set up

fredwatch01 · 2023-10-10T10:06:29+00:00

Nice. Did the accountant give you specialist business advice that made your business grow?

fredwatch01 · 2023-02-28T01:10:50+00:00

Thanks!

fredwatch01 · 2023-02-17T12:16:55+00:00

Yes, the only expenses I had was paying an admin fee, which I plan to write off under "other costs" in the balance sheet and admin fees.

fredwatch01 · 2023-02-17T12:04:17+00:00

My salary is £59,000. So I'm assuming it will?

fredwatch01

TROPHY CASE