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Can I contribute more than £3600 in this case?
sy8111
Posts: 32 Forumite
If I don't have work but have income from dividend and rent and the total income is over £3600?
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Comments
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Do you own your rental properties through a limited company?
assuming not, then no you cannot.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
They don't count for this purpose,
http://www.pruadviser.co.uk/content/knowledge/technical-centre/tax_relief_members_contributions/0 -
Dividends are not relevant along with investment income and property rental income0
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Dividends are not relevant along with investment income and property rental income
http://www.pruadviser.co.uk/content/knowledge/technical-centre/tax_relief_members_contributions/
rental income is generally not relevant earnings but some rental income may be included if it is in respect of UK or EEA furnished holiday lettings business0 -
What about dividend? Apart from rent of my own property I receive over 3600 dividend from a company I own 50% shares.
Are you just a shareholder or do you hold an officer position?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Shareholding directors can usually pay into the pension using company contributions upto the £40k allowance (and use carry forward if applicable). Depending on the nature of the limited company.
Why are you not taking a salary? Most directors will take a salary to the primary threshold. This qualifies you as if you have paid NI contributions but you don't actually pay a penny in NI. For things like state pension qualification, this can be important.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It has to be earned income. Is there a reason you are only taking dividends and not a salary? You should look into your NI contribution record as this will affect your state pension.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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enthusiasticsaver wrote: »It has to be earned income.
Not if you are a director.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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