Self-employed: need pension planning advice please??

mummywhomindsothers

Hello,

Im a Self-emplyed Childminder with no savings and no pension. I dont really understand the whole pension thing and which one would be better for me??

I know that i need to do something as state pension may not be enough.

My earnings vary from year to year but im on a low income and get it topped up with Child Tax Credit and Working Famillies Tax credit.

How much should i be putting away each month?? And where do i put it?? And do i count this as an expense when doing my accounts??

Am i even making sense???/

Any help greatly appreciated.

Many thanks.

xylophone

http://www.hmrc.gov.uk/manuals/bimmanual/BIM52751.htm
http://www.howto.co.uk/business/childminding-business/accounts_and_bookkeeping/
http://www.pensionsadvisoryservice.org.uk/media/82724/selfemployed.pd
http://www.hmrc.gov.uk/incometax/relief-pension.htmfhttp://www.nestpensions.org.uk/schemeweb/NestWeb/public/NESTforSavers/contents/self-employed.html
http://www.pensionsadvisoryservice.org.uk/self-employed-and-pensions/private-pensions

atush

fist you need to mke sure you are earning enough and getting credit for state pension. then look at your savings. After you have saved emergency money of several months outgoings in cash, if you are a taxpayer look at ISAs and a personal pension.

You will need mroe than the state pension when you retire unless you want to work forever.