SIPP Contribution

ymgirl

Hi I work full time and PAYE but also have a small part time business for which I submit self assessment. Year end is end of March and I am unlikely to have much in the way of expenses to claim in my accounts. Therefore I am just thinking ahead...

However I have a SIPP - I transferred previous pension in and have used it to invest in shares. I would like to start contributing to the SIPP - can I invest the cash I have from my part time business and therefore include it as an expense in my tax return? Alternatively can I use my self employed status to somehow offset the SIPP charges I pay?

Just wondering if i am missing out by not having the right strategies in place.

Thank you for any advice.

chrismac1

it is not a business expense unless you are trading through a limited company and the company is paying the contribution. However, although this is a personal expense, if you were a 40% taxpayer making a contribution would reduce the 40% bill.