Transferring my LTD retained profit to Pension

Looking for paid advice as I would like to transfer my retained profit to my SIPP pension

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I am looking for a Tax Accountant with actual case experience in advising Single Directors of LTD on the option of contributing to the Director pension using the retained profits of their LTD. I have a single director LTD, and i am the only employee (and director). I was the only driving force of the LTD revenue. I have post corporate tax retained profit in the Business Bank account of my LTD and I am looking for a paid in writing recommendation that it is allowed to transfer/pay/contribute the full amount of the retained profit in my SIPP pension. Keen on tax accountants that had clients that chose or advised to do the same, and had no issues with HMRC during the winding down of their LTD.

Replies (6)

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By Tax Dragon
13th Oct 2023 06:59

What you're asking for is someone to give you that advice without caveating it.

I wouldn't give such (ie uncaveated) advice myself and would not trust the judgment of someone who would.

The interesting question, perhaps, is whether obtaining such advice would change anything, from a tax perspective.

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By SteveHa
13th Oct 2023 07:43

What you are asking for is dangerously close to regulated pensions advice, and the number of tax accountants suitably regulated to provide that advice will be almost none.

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By taxdigital
13th Oct 2023 08:08

Is this how people search for accountants and advisers in the AI world?

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Replying to taxdigital:
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By rmillaree
13th Oct 2023 10:12

seems like good plan on basis peeps around here know what they are talking about (hmmmm)

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By Postingcomments
13th Oct 2023 15:43

A tax adviser might only be able to comment on the tax implications of making the payment, rather than making "recommendation that it is allowed". You need to consider what advice you need and approach the right person.

Also, it sounds as though the trade has now ceased. That could be relevant from a CT deduction point of view.

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paddle steamer
By DJKL
14th Oct 2023 14:12

Rather than checking it is allowed perhaps you should take advice as to whether it is a good idea or another extraction route is more efficient? Given trade has presumably ceased within the company it would probably not be my choice.

In addition no idea of quantum or how long since ceased trading which will both impact decision making.

Advice from an accountant with all the facts and who can discuss with you and question you would be my very strong advice.

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