Hi all,
I hope I've posted in the right subforum.
I'm a director of a ltd company. I am paid via PAYE and then will take profit as available, normally via dividend.
I'm starting to think about my pension and have one question.
I believe if I take profit as a dividend I will pay tax on my self assessment.
I believe if i take the profit as a pension contribution, no tax is payable but I'll get tax relief on my self assessment as a higher rate tax bracket.
My question is what happens if I take a dividend but then decide to put it all into pension ? Do I still need to declare the dividend as a dividend on my tax return (and pay tax on the dividend)? Or just declare it as a pension contribution (so not have to pay tax but get tax relief)?
I assume it'll be the former but hope it's the latter!
I hope that makes sense!?
Any help appreciated.
Thanks
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