Animal Mother
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- Sep 27, 2016
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I'm befuddled and deeply perplexed about employer pension contributions.
I'm a one man Ltd company and want to put money into my SIPP. I know there's a limit I can put into it, however, what I can't find guidance on is how much money I can take out of my business.
I understand that I can put profit into the SIPP, however, what I don't understand is what profit the guidance refers to.
I use Freeagent software to manage my accounts and that gives a figure for Operating Profit and a figure for Carried Forward/Distributable (also called Distributable Reserves / Retained Profit carried forward).
The Carried Forward/Distributable is normally what I draw in dividends. Is that the only money I can put into the pension or can I take from the Operating Profit?
All help and guidance is appreciated. My accountants would give direct advice and tried to push their (pay for advice) pension adviser onto me.
I'm a one man Ltd company and want to put money into my SIPP. I know there's a limit I can put into it, however, what I can't find guidance on is how much money I can take out of my business.
I understand that I can put profit into the SIPP, however, what I don't understand is what profit the guidance refers to.
I use Freeagent software to manage my accounts and that gives a figure for Operating Profit and a figure for Carried Forward/Distributable (also called Distributable Reserves / Retained Profit carried forward).
The Carried Forward/Distributable is normally what I draw in dividends. Is that the only money I can put into the pension or can I take from the Operating Profit?
All help and guidance is appreciated. My accountants would give direct advice and tried to push their (pay for advice) pension adviser onto me.