Tax relief on pension contributions can be very generous. The UK government strongly incentivises saving for a pension through various tax reliefs. In this video, I highlight the most common tax reliefs you can receive through pension contributions in 2020 and beyond.

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⏱TIMESTAMPS⏱
0:18 Pensions Overview
01:12 What is a SIPP?
01:24 Pension Contributions by Your Limited Company
02:59 How Do I Make A Pension Contribution? The process and mechanics.
03:46 Pension Contributions by You Personally
05:06 Can I Put Property Into My Pension?
05:48 Auto Enrolment (Work Place Pensions)
06:13 Recap

Pension Contributions by Your Limited Company (Tax Efficiently)
Your company can make gross pre corporation tax contributions into a pension scheme. There are no restrictions as to how much you can contribute as long as the Annual Allowance is not exceeded. This is currently £40,000 per individual, per tax year.

Pension Contributions by You
Once you've been paid by your limited company and paid any necessary taxes, you can make pension contributions personally from your disposable income, and the taxman will top this up with the equivalent of the basic rate of tax, currently 20% in the UK. Your pension provider will automatically claim this topup so you don't have to do anything. If you are a higher rate taxpayer at 40% or above, a further top up can be claimed.

Putting Property into your Pension
You are able to put commercial property into your pension scheme. This carries a lot of benefits which I point out in the video, but remember this may be locked into the pension fund until retirement age.

Auto Enrolment
Let us know if you'd like us to cover workplace pensions in a future video.


CONCLUSION
Hopefully this video has empowered you with more knowledge about the different types of pensions and will help you in the future when it comes to choosing one that is right for you, that will give you the most legal tax relief you can get. Be it through a limited company or your own personal contributions. As always, if you need advice, we're always here to help you know your numbers. Whether you're a tax student or just a taxconscious business owner, contractor or freelancer.

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DISCLAIMER
Our videos are for general guidance, education and empowerment in helping you understand accounting, tax and your numbers. They in no way constitute specific advice to your specific circumstances. Me & my team would be delighted to help you with your specific queries or accounting requirements through a formal engagement.
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