by Nick Robinson | Mar 21, 2013 | Personal Tax
Are you missing out on tax concessions that are attached to your pension? If you are one of the many self employed people that does not have a pension then you could be missing out on valuable tax saving opportunities.
Being self employed brings with it an enormous amount of demands on your time. It is not uncommon for self employed people to delay making decisions about their retirement or their pensions.
Pensions are still the most productive way to secure your golden years. It is therefore essential that you are well informed when making decisions. As a self employed person you are solely responsible for ensuring that you have a pension when you retire.
Your options will differ from others because whilst you are self-employed you will not be building up an entitlement to the additional State Pension. However, your Class 2 Insurance will give you a partial State allotment. Equally not having any business accountants may well work against you when attempting to claim a state pension.
Despite all the bad news about pensions it is important that you speak to your accountant about the options that are available to you. It’s crucial to take the time to explore each one and decide on which are most beneficial to you.
Planning a retirement strategy really is something that needs to be thought about as early as is possible. You could be receiving tax concessions on any payments that are made towards your pension.