We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Paying 100% Into A SIPP
Bill_R_2
Posts: 2 Newbie
Hi,
Just looking at a few ways of starting a SIPP, as I have no pension at all as yet, self-employed (paid way too much tax this 31st Jan!)
The maximum amount payable into a SIPP is stated as 100%.
Does this mean that if I was to pay 100% of my earnings into a SIPP, then as far as HMRC would be concerned, my profit would be £0.00, I would also get tax relief on the 100% paid into the pension and not pay income tax and NI as I had zero profit ?
Cheers
Bill R
Just looking at a few ways of starting a SIPP, as I have no pension at all as yet, self-employed (paid way too much tax this 31st Jan!)
The maximum amount payable into a SIPP is stated as 100%.
Does this mean that if I was to pay 100% of my earnings into a SIPP, then as far as HMRC would be concerned, my profit would be £0.00, I would also get tax relief on the 100% paid into the pension and not pay income tax and NI as I had zero profit ?
Cheers
Bill R
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards