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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 14872
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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As a self employed person i earned just over £8000 last

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As a self employed person i earned just over £8000 last year, however i have a large amount of savings which i would like to put into a SIPP
JA: Are you filing as a sole proprietor or independent contractor?
Customer: Would i be eligible for 25% tax releave and would the Inland Revenue enquire as to how i came across these savings
JA: Anything else you want the Accountant to know before I connect you?
Customer: I am a Self Employed Private Hire Driver

Hi, I am one of the experts. I will come back to you little later, plz bear with me.

Customer: replied 14 days ago.
Hi, I am still waiting a response to my question regarding tax relieve on a SIPP
Customer: replied 14 days ago.
I would rather do it via text, thanks
Customer: replied 14 days ago.
Please can i have an answer to my question having paid £5
Customer: replied 14 days ago.
Hello, How long will it take for my responce

Actually I am stuck some where.I will come back to you in few hours.

Is It fine for you?

Customer: replied 14 days ago.
Does not sound very proffesional

 

HI

My name is Sam and I am one of the UK tax experts - might I ask how much you wish to put into the SIPP ? As your maximum amount allowable for relief is £8000 (£40,000 or 100% of your net earned income whichever is the least ) Thanks Sam

Customer: replied 14 days ago.
I was thinking of putting £92,000 into my SIPP, but under the circumstances it seems that it would cost me quite a lot the access it in future on PAYE

 

Hi

 

 

The maximum you can put on to qualify for tax relief is £8000 I am afraid - Thanks Sam

 

 

Customer: replied 14 days ago.
Could i perhaps put the total amount into a fund with just £8000 within the SIPP wrapper like an ISA

HI

No I am afraid not - as you are exceeding the annual allowance and no company providing SIPPS will allow this - as they need evidence of your annual earned income position

 

Thanks Sam

 

 

Can I assist further- thanks Sam

 

Sam, Accountant
Category: Tax
Satisfied Customers: 14872
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
Sam and 2 other Tax Specialists are ready to help you