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You say you are self-employed. What was the source of the additional £110,000? When did you accountant become aware of this sumand when in the tax year was it paid?
IRHP payments are taxable as income if the original product was sold to you in a business capacity as opposed to in a personal capacity in which case Capital Gains Tax might apply.
Assuming it should be treated as business income, you could have made a pension payment but that's a decision for you, not your accountant. However, it's disappointing that the accountant wasn't pro-active in suggesting tax mitigation ideas, even if he or she referred you to an independent financial adviser. Unless an adviser has made a technical error which has cost you financially, you will be hard pressed to force them to pay compensation even if you reported the matter to their professioanal body, assuming they are regulated by one, because of the nature of your complaint.
Pension contributions cannot be backdated so there is no way of reducing the liability that way. The only other ways of getting some of the tax back was via high risk investment in Seed Enterprise Investment Schemes or Enterprise Investment Schemes but the investment would have had to have been made in 2014/15 or 2015/16. As we are now in 2016/17, that opportunity has gone but it may not have been something you would have considered in any event.
I'm sorry I cannot suggest a solution but let me know if you have any further questions.
There should be no need for a phone call and, in any event, it would involve you paying a further fee.
Frankly, I find it odd that the accountant told you that you could not or should not pay a pension contribution especially in light of the fact that they have an house IFA. Maybe they thought that the IRHP payments were not to be treated as trading income and, therefore, are not pensionable income. You should ask the accountant why your ideas were "rejected", why they had no ideas of their own to mitigate the tax and why you weren't referred to their IFA.
Once this matter is ended one way or the other, you should consider changing your accountant.
Hi.I'm just following up to find out if my answer helped or if you have any further questions.