Is it too late to set up a SIPP for this tax year?

LZC

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. 

Sarahspangles

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.

Stubod

As above, you stil have time. Hargreaves Lansdown have a pretty good website and offer loads of choice...other providers are available...

mark55man

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 left

dunstonh

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.

Somebody

Paying by debit card is probably quickest and most convenient.