Invest earlier, spend earlier?

As the government continues to make it easier to get money out of pensions is it time we made it easier to put money in?

Unfortunately pension payments have to be made in the tax year in which your income is earned, this means for businesses with say January/February or March year ends it is often impractical to have accounts prepared before the end of the tax year on the 5th April. Those old enough to remember the pension ‘carry back’ rules can probably sympathise with this. So in order to make pension payments in the current year should sole traders and partnerships consider bringing forward their year ends to say Sep-Dec in order that accounts can be prepared and taxable profits established in good time before the following 5 April?

This then allows a considered view of whether to make pension payments involving no guess work or estimates. If you would like to know more about changing your year end to benefit please contact Rob Hitch on 01228 530913 or email rob@doddaccountants.co.uk

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