Black Lion Wealth Management

Do you know your numbers when it comes to pensions?
If not don't worry, we've outlined them beneath: ⤵️

🔘 £40,000
This is how much you could contribute to your pension before you have to start paying tax on it (or 100% of your income, whichever is the lower).

🔘 £1,073,100
The lifetime pension allowance is how much you can contribute to your pension
(in the tax year 2022/23)

🔘 25%
This is how much you can take out of your pension as a one-off lump sum without being taxed on it

If you wanted to discuss any of the figures above any further then please get in touch 💬

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested. Tax treatment varies according to individual circumstances and is subject to change.

What you may not realise is if you run your own business then you can decide which way to make your pension contributions

You could either make contributions from the company (as an employer) or as a personal contribution (as an employee)

If you want to make the contribution yourself & want to receive the full tax relief, you'll need to ensure that your income covers the contribution, dividends don't count so you'll need to ensure your salary matches up.

If you make it as a company contribution it's not liable for tax relief but you could deduct it as a business expense

If you'd like to speak to a professional then please get in touch

The value of Pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.

Great news, you've been given a bonus by your company 💷

A bonus that you're not quite sure what to do with, as you don't really want to waste any of it

Did you know that you could pay into your pension as a lump sum?

You can ask your employer to contribute it to your workplace pension, instead of having it paid to you & your employer could make national insurance savings too.

The other way would be to have it paid to you and use it to top up your personal pension pot 💷

There are a few options & if you'd like to discuss these then please get in touch 📥

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested

The good news is that this is no limit to how much you can save up in your pension schemes ✅

This means that you could have both a workplace and a personal pension that you pay into 💷

You will only receive tax relief on the first £40,000 you put in any tax year (as long this is not more than 100% of your earnings) and your pension pot does not exceed the lifetime pension allowance of £1,073,100.

Also remember the tapered allowance will reduce the amount you can pay into a pension if you earn over £200,000 a year

If you'd like to discuss any of these further then please get in touch 📥

The value of Pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.

You could save 4% on your corporation tax next year, with the planned increase from 19% to 23% put on hold in the recent mini-budget.

4% could be a considerable amount in tax savings.

If you weren't looking to spend, save or reinvest this money then you could use the extra funds to increase your pension post.

You can contribute up to £40,000 into your pension in any given tax year, tax-free, and you may even be able to utilise previous tax year's allowances to top it up.

Speak to an expert today about how you could use this gift of 4% corporation tax saving today

The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested. Tax treatment varies according to individual circumstances and is subject to change.

Do you have the financial knowledge to weather a financial storm? 🌫

Could you confidently manage your finances to ensure you have a plan for the future?

You're focussing on running your business and the trials and tribulations that come with it

Have you thought about hiring a professional in this market to help you plan for the future or even retirement?

If so we're here to help, book in a chat today

The value of Pensions and the income they produce can fall as well as rise. You may get back less than you invested.