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    • pip895
    • By pip895 3rd Dec 17, 3:20 PM
    • 576Posts
    • 321Thanks
    pip895
    Have I missed the boat?
    • #1
    • 3rd Dec 17, 3:20 PM
    Have I missed the boat? 3rd Dec 17 at 3:20 PM
    Just doing my 2016-2017 tax return and I have calculated my income from consultancy (self employed) during the period and its 7500. I put 3600 (gross) into my pension but belatedly realise I could have put in more.

    Have I missed the boat on this? - This years income is going to be only around 3K so I will be stuck with the minimum this year I think?

    Anything I can do?
Page 1
    • Malthusian
    • By Malthusian 3rd Dec 17, 3:48 PM
    • 4,105 Posts
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    Malthusian
    • #2
    • 3rd Dec 17, 3:48 PM
    • #2
    • 3rd Dec 17, 3:48 PM
    Yes, unfortunately. Earned income can't be carried forward.
    • pip895
    • By pip895 4th Dec 17, 5:09 AM
    • 576 Posts
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    pip895
    • #3
    • 4th Dec 17, 5:09 AM
    • #3
    • 4th Dec 17, 5:09 AM
    Thanks for that I assumed that was the case.

    I have just spotted that although the work was done in 2016 some of the money wasn't received until May 2017. With that in mind I will actually have just under 5000 coming in in the current tax year. Presumably the maximum I can put in to my SIPP would be approximately (5k - expenses)x0.8. I'm assume there is no point in not subtracting the expenses as I would just be stooring up a tax liability in the future?
    • BoGoF
    • By BoGoF 4th Dec 17, 6:00 AM
    • 3,138 Posts
    • 2,422 Thanks
    BoGoF
    • #4
    • 4th Dec 17, 6:00 AM
    • #4
    • 4th Dec 17, 6:00 AM
    Unless you are on the cash receipts basis then any work you do is taxable in the year it was actually earned not when it was paid.
    • Tight Fart
    • By Tight Fart 4th Dec 17, 7:45 AM
    • 18 Posts
    • 0 Thanks
    Tight Fart
    • #5
    • 4th Dec 17, 7:45 AM
    • #5
    • 4th Dec 17, 7:45 AM
    But you haven't earn't anything until you get paid?
    • BoGoF
    • By BoGoF 4th Dec 17, 11:50 AM
    • 3,138 Posts
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    BoGoF
    • #6
    • 4th Dec 17, 11:50 AM
    • #6
    • 4th Dec 17, 11:50 AM
    But you haven't earn't anything until you get paid?
    Originally posted by Tight Fart

    You have on the accruals basis that applies to the self-employed
    • mgdavid
    • By mgdavid 4th Dec 17, 2:11 PM
    • 5,594 Posts
    • 4,916 Thanks
    mgdavid
    • #7
    • 4th Dec 17, 2:11 PM
    • #7
    • 4th Dec 17, 2:11 PM
    But you haven't earn't anything until you get paid?
    Originally posted by Tight Fart
    Yes you have; money is earned when the work is done. From that point onwards it is just a debt that is owed to you (accrual).
    The questions that get the best answers are the questions that give most detail....
    • pip895
    • By pip895 4th Dec 17, 7:12 PM
    • 576 Posts
    • 321 Thanks
    pip895
    • #8
    • 4th Dec 17, 7:12 PM
    • #8
    • 4th Dec 17, 7:12 PM
    Luckily I am using the cash basis so I should be OK. Am I correct in that the max pension I can put in is Net Profit x 0.8?
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