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  • FIRST POST
    • Twointhebush
    • By Twointhebush 6th Jan 18, 10:31 PM
    • 7Posts
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    Twointhebush
    Back Dating Pension : Changing End of Tax Year?
    • #1
    • 6th Jan 18, 10:31 PM
    Back Dating Pension : Changing End of Tax Year? 6th Jan 18 at 10:31 PM
    I'm about to inherit a bit of money. So I thought I'd start a pension. I'm self-employed. I've just read that that I won't be able to back date payments into a pension. I was banking on using my 2016-17 profit as a starting amount and this years profits for the next payment. It seems that I won't be able to use either as my tax year ends 5th April. Am I correct? Could I change and extend my tax year, so at least I can use this year's profits as a start? I'm not making that much profit and will need two or three years to get my inheritance into my pension.

    Thanks,
    Last edited by Twointhebush; 06-01-2018 at 10:35 PM.
Page 1
    • Dazed and confused
    • By Dazed and confused 6th Jan 18, 10:46 PM
    • 2,092 Posts
    • 943 Thanks
    Dazed and confused
    • #2
    • 6th Jan 18, 10:46 PM
    • #2
    • 6th Jan 18, 10:46 PM
    What's stopping you making a payment prior to 6 April 2018 and then another after 5 April 2018?
    • Twointhebush
    • By Twointhebush 6th Jan 18, 11:01 PM
    • 7 Posts
    • 0 Thanks
    Twointhebush
    • #3
    • 6th Jan 18, 11:01 PM
    • #3
    • 6th Jan 18, 11:01 PM
    I can't be sure of profit/loss until the last day of my tax year - I thought that's how I'd calculate paying in a lump sum? Do you mean I can make a reasonable guess and pay in? But what if I overestimate or have to make a purchase? I was thinking that the IR would view something like this with suspicion?
    • dunstonh
    • By dunstonh 7th Jan 18, 12:11 AM
    • 90,377 Posts
    • 57,171 Thanks
    dunstonh
    • #4
    • 7th Jan 18, 12:11 AM
    • #4
    • 7th Jan 18, 12:11 AM
    I can't be sure of profit/loss until the last day of my tax year -
    that is an unusual business that relies on last day income. What do you do?

    are you self employed or director of limited company?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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