Pensions (Private)

[BuggsieMoo]

I have invested in a private pension - seems one does not come as a perk of the job LOL.

Is this an expense or not?

Thanks all

[aly]

I doubt very much.

[MrAnchovy]

Not for you, but if you employ someone else (your spouse for instance), their pension costs are allowable (subject to normal rules).

[loocyloo]

but when you fill in your online tax form, it asks about anything you have paid into a pension and i put a figure in the box!

[wendywu]

I have to put it in my accounts for my accountant, dont know why :rolleyes:

[MrAnchovy]

but when you fill in your online tax form, it asks about anything you have paid into a pension and i put a figure in the box!

That is in a different section of the tax return (the 'main section'), not where you put your expenses (the 'self employed' section). You get tax relief for (most) contributions to your own pension, but not relief from Class 4 NI.

[BuggsieMoo]

That is in a different section of the tax return (the 'main section'), not where you put your expenses (the 'self employed' section). You get tax relief for (most) contributions to your own pension, but not relief from Class 4 NI.

So when I do my tax return next year, I just need to put however much ive paid into the pension for the year into the relevant box - is that correct? Thank you

[Bluebell]

This is interesting about the spouse bit - I don't pay my spouse when he helps me. I have registered him as my assistant but don't pay him because it would get to complicated with tax and so on but if I were to pay into a pension for him how would I go about that and would he have to declare anything? (Sorry to hijack your post BuggsieMoo)

[MrAnchovy]

So when I do my tax return next year, I just need to put however much ive paid into the pension for the year into the relevant box - is that correct? Thank you

In case of any uncertainty it is probably best to refer to the pension scheme provider or administrator because (in a small number of cases) the scheme may be set up differently.

[MrAnchovy]

This is interesting about the spouse bit - I don't pay my spouse when he helps me. I have registered him as my assistant but don't pay him because it would get to complicated with tax and so on but if I were to pay into a pension for him how would I go about that and would he have to declare anything? (Sorry to hijack your post BuggsieMoo)

I would not recommend that you set anything up without taking specific advice from an accountant as part of an overall tax strategy, there is no 'one size fits all' information I can give here.