If you are running a Limited Company and you’re able to set up a SSAS, doing so before the end of the financial year can provide a unique opportunity.
Maximising Your SSAS Pension Contributions
If you open your SSAS before the 5th of April, you have a unique opportunity within the calendar year and your Company trading year to take two bites of the cherry. Let’s take a look at an example:
If you opened your SSAS on the 1st of February and your Company trading year ends on the 30th of June, you could make a Directors contribution of £60,000 in March. This means the contribution would fall in the first tax year. The Company would then be able to put a further £60,000 contribution in during the second fiscal period.
Due to the timing of these contributions, they have technically fallen into the same trading period. So, you’ve actually managed to obtain a £120,000 contribution deduction against your corporation tax bill. This is a huge benefit to setting up a SSAS before the end of the financial year. So, it’s an opportunity you definitely want to look out for.
More about SSAS contributions.
Open a SSAS with One Crown Pensions
If you’re considering SSAS, this is a good incentive for you to make a move quickly and open a SSAS with us.
Book a call with us and a member of our team will be in touch. We can guide you through the process of setting up a SSAS and help you get started as soon as possible so that you can reap the benefits of SSAS for yourself.
