Self employed & pension contribution

Hal17 · 16 December 2017 at 5:10PM

Sorry to ask, but I just wanted to check. I have recently gone back to work self employed and intend to pay all my Profit Income into my pension fund. If I know that my profits for this tax year will be £10K for example, could I make this contribution now or do I have to wait nearer the end of the tax year.

I appreciate that Income & Expenses could change but if I know the end value could I pay that amount in now. Many thanks.

dunstonh · 16 December 2017 at 5:45PM

The tax year is considered a whole. So, whether you do it on day 1 or day 365 or bits in between does not matter. Most people with good finance skills and self control will leave it to near the end of the tax year and make a single lump sum then. You tend to have a better idea of what is available and how much you can do at that stage.