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48 & No Pension Plans
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We put a basic wage of £12500 through for both me and my wife.You shouldn't be doing it that way as its not optimal and its not required. Effectively, you have been set up as if you are an employee. Shareholding directors are exempt from that.
The employer (my company) pays 3% and I pay 4%
The only contributions you should be making are employer contributions. Not employee.If I increase the employer contribution, would that have implications for tax etc as I am reducing the potential profit for the yearExactly. you are reducing your corporation tax and not suffering income/dividend tax doing it with employer contributions only.
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
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