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Is it too late to set up a SIPP for this tax year?
LZC
Posts: 46 Forumite
I’m in the fortunate position of having an additional £5k or so that I can invest.
It would make sense from a tax perspective to put it into a pension this tax year. It’s too late to add to my workplace pension but would it be feasible to open and fund a SIPP in the next few days?
If so which SIPP providers would people recommend? I’d likely be investing in shares or funds and making only occasional lump sum deposits.
It would make sense from a tax perspective to put it into a pension this tax year. It’s too late to add to my workplace pension but would it be feasible to open and fund a SIPP in the next few days?
If so which SIPP providers would people recommend? I’d likely be investing in shares or funds and making only occasional lump sum deposits.
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Comments
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No, if you decide your provider they’ll likely have a link to click on their webpage for a SIPP this year. You then make a deposit via Faster Payments. You probably don't need to select funds straight away i.e. you can leave your deposit in cash. The provider will record the investment as this tax year.Fashion on the Ration
2024 - 43/66 coupons used, carry forward 23
2025 - 62/892 -
As above, you stil have time. Hargreaves Lansdown have a pretty good website and offer loads of choice...other providers are available...
.."It's everybody's fault but mine...."1 -
When I did similar for my OH we were able to set it up pretty quickly.
Remember though unless you are contributing £60K in all or all of you earned income, you should be OK to contribute next year if you would prefer to take the time. Its not quite the ISA model where you entitlement is lost.
Happy to explain more but look up annual allowance and also read up on the 3 previous tac year you are able to tap into if you exceed your AA for this year. The important thing is you can't contribute more than your taxable income even if you have AA leftI think I saw you in an ice cream parlour
Drinking milk shakes, cold and long
Smiling and waving and looking so fine1 -
Is it too late to set up a SIPP for this tax year?No. You can pay right up to and including 5th April. Cut off on the 5th April vary with platform/provider.
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.1 -
Paying by debit card is probably quickest and most convenient.
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