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SIPP investment timing re tax year

Broadsword
Posts: 97 Forumite
My wife and I have a small partnership as well as other income sources. We appointed an accountant to deal with our tax affairs but will not know our income/tax liabilities until after the tax year ends.
To minimise tax liabilities and to provide for the future We want to invest in a SIPP. Can we do that after the end of the tax year retrospectively when we know the financial position. Will the SIPP have to have been set up before the tax year ends or can it all be done before our tax return is filed
To minimise tax liabilities and to provide for the future We want to invest in a SIPP. Can we do that after the end of the tax year retrospectively when we know the financial position. Will the SIPP have to have been set up before the tax year ends or can it all be done before our tax return is filed
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Comments
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Broadsword wrote: »To minimise tax liabilities and to provide for the future We want to invest in a SIPP. Can we do that after the end of the tax year retrospectively when we know the financial position.
It cannot be done retrospectively. Contributions to any pension must be made in the tax year that you want tax relief for.0 -
You may want to look at changing the accounting year of your partnership, so that you know the financial position before the end of the tax year and can adjust accordingly.0
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