When you have your own limited company, you could get significant tax benefits through your company making contributions to your personal pension, as well as increasing your pension pot for future retirement.
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If your personal tax bill for the year ended 5th April 2019 exceeded £1,000, you will likely be required to make a payment on account of the year ended 5th April 2020. This would have been made up of half your tax bill upfront in January 2020, and another half in July 2020. This means that by the 31st July 2020, you should be paid HMRC the equivalent tax for the year ended 5th April 2020, as you did for the year ended 5th April 2019.
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All things come to an end eventually and contracting is no exception. Whether it was your decision or not, you might eventually decide to close down your company and move on to new projects.
If you have been contracting for a while, you may find that you have surplus reserves left in the company.
Let’s face it, retirement planning isn’t the sexiest subject in the world and for a lot of people, it’s perceived as something that isn’t a priority in their life right now.
However, pension planning is a fantastic way of saving tax whilst helping you invest in your future.
Everything must come to an end eventually, even a limited company. Whether you have accepted employment or your contract has simply finished, it’s likely you will need to consider your options regarding your unwanted company.