Folks,
Any help would be gratefully received on this one. I'm the 100% owner/director of my own limited company. I'm the only employee and I have set up a self administered pension fund. I'm doing my own accounts and returns this year and every step I take ends up in more confusion
I want to make a contribution to my pension and maximise my 2011 tax relief and I want to do it within the letter of the law.
Two questions....Question 1. I see the revenue guidelines around how much I can contribute i.e a % of salary depending on you age, that is clear. HOWEVER the company who are the co trustees on my self administered fund say I can contribute almost 100% of the salary I earned? How do they make that out? Has anyone come across something like this?
Question 2. Regardless of how much I can contribute, how do I work out the tax relief for my form 11? 1. I'm guessing the pension is an expense against company profit? Is that right?
2. Can I claim back any of the PAYE I paid on my directors salary AS well as recording it as an expense against the company. (I have no other earnings apart from this company salary).
Look forward to your thoughts...Ella
Any help would be gratefully received on this one. I'm the 100% owner/director of my own limited company. I'm the only employee and I have set up a self administered pension fund. I'm doing my own accounts and returns this year and every step I take ends up in more confusion
I want to make a contribution to my pension and maximise my 2011 tax relief and I want to do it within the letter of the law.
Two questions....Question 1. I see the revenue guidelines around how much I can contribute i.e a % of salary depending on you age, that is clear. HOWEVER the company who are the co trustees on my self administered fund say I can contribute almost 100% of the salary I earned? How do they make that out? Has anyone come across something like this?
Question 2. Regardless of how much I can contribute, how do I work out the tax relief for my form 11? 1. I'm guessing the pension is an expense against company profit? Is that right?
2. Can I claim back any of the PAYE I paid on my directors salary AS well as recording it as an expense against the company. (I have no other earnings apart from this company salary).
Look forward to your thoughts...Ella