End of Year Tax

admin — Mon, 28 Mar 2011 14:27:09 +0000

With the current economic climate it is vitally important to tax plan early in order to meet the 5th of April deadline. You should ideally commence your tax planning before the year even starts however after that, the earlier the better. The current 2010/11 tax year ends on 5 April and if you haven’t done so already, now is the time to start assessing how you could trim a potential tax bill.

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HOW MUCH CAN I CONTRIBUTE TO A SIPP?

Simon Griffin — Wed, 09 Mar 2011 16:08:37 +0000

Many SIPP providers will now permit you to set up a lump sum transfer contribution from another pension for as little as £5,000, and while most traditional pensions limit investment choice to a short list of funds, normally run by the pension company’s own fund managers, a SIPP enables you to follow a more diverse investment approach.

Most people under 75 are eligible to contribute as much as they earn to pensions including a SIPP (effectively capped at £255,000 each tax year). For instance if you earn £50,000 a year you can contribute up to £50,000 gross (£40,000 net) into all your pension plans combined in the 2010/11 tax year.

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Money IFA | Pension Advisor Specialist

End of Year Tax

HOW MUCH CAN I CONTRIBUTE TO A SIPP?