February 23, 2023
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Company pension contributions – make sure these are paid in time
A company can make pension contributions for a director. However, timing is key, as it is not possible to accrue for these at a year end.
Tax deduction is only given when payment is actually made. Therefore, for a 31 March year end payment needs to be made before that date!
If it is a one-off payment, then it might make sense to defer it into the next accounting period. It depends on profits …in the year to 31/3/2023 19% tax relief results but this might obtain tax relief at 25% or 26.5% if charged in the accounts to 31/03/2024.
Please liaise with us if you are considering making company pension contributions.
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