Pension contributions rules on backdating
This, means that if you were born between 1st January 1949 and 31st December 1954 inclusive, the minimum qualifying State Pension age will be 66.If you were born between 1st January 1955 and 31st December 1960 inclusive, the minimum qualifying State pension age will be 67.I have asked my accountant who generally agrees with my financial adviser but says he is not a a pension adviser so cant really comment.Essentially, Im just trying to find out if I can backdate the contributions for the other director only (because she is the only one with an existing pension scheme).
If it does then it could be classed as not a legitimate business expense, and is merely a vehicle for tax avoidance. As a Farmer Palmer has said, don't confuse directors and shareholders.
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HMRC would likely seek to disallow contributions if they weren't reasonable for work done/input to company. I can only find definitions and legal information on the terms "private companies limited by shares" and "closed company" which lots of small businesses run. Hi In answer to the questions: (a) We are not marrried. She is a fee earner (but not the main one) bringing in about £25K per year based on a 3 day a week contract. Thanks - Iguy Hi In answer to the questions: (a) We are not marrried. She is a fee earner (but not the main one) bringing in about £25K per year based on a 3 day a week contract. Thanks - Iguy Accountants aren't allowed to give pension advice as it's not what they are trained in.
Put simply if the 30% shareholder isn't contributing £40k of revenue it's unlikely to fly. In the same way you wouldn't ask the accountant to give you legal advice on contract law you would use a solicitor, for pensions you use a financial advisor.