This is a very important area of tax relief combined with planning for your future. Please read our detailed article on Pension Funding which provides details of the maximum allowable pension contributions for tax purposes. There are now a variety of investment methods open to individuals for investment of funds via a pension structure. Tax relief at your top tax rate is available for contributions paid in and investment growth on your investment accumulates free of tax.
For selfemployed individuals there is a limit on the amount of pension contribution qualifying for tax relief in any one year. This depends on your age and level of earnings.
There is a very useful back dating arrangement allowed for the selfemployed, which gives time to examine your figures before you have to make a payment. You have until the 31st October after the end of the tax year in which to make a pension contribution and tax relief will be allowed in the earlier year. From a cash flow point of view there is almost double tax relief obtained for your first lump sum pension contribution.
Our Pension Contribution Calculator will do the figures for you and show the maximum amount you can put into your pension for tax relief purposes. If you are making regular contributions throughout the year it will also show you how much of a pension contribution top up you can make to obtain tax relief in the previous tax year.
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