HeinekenTick
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Hello all,
I have a friend who is a non-proprietary director of a small company. As yet, there is no company pension scheme. The company is showing a profit for its 30 June 2010 year end so friend wants to set up a comapny pension scheme and pay the maximum into the pension scheme (based on director salary included in the 30 June 2010 accounts) in order to reduce the exposure to corporation tax.
Although the year end is 30 June 2010, my understanding is that the actual payment can be made up to six months after the year end and still be accounted for as a tax-deductible expense in the 30 June 2010 accounts.
Is my understanding correct? If not, could someone please clarify?
Many thanks.
I have a friend who is a non-proprietary director of a small company. As yet, there is no company pension scheme. The company is showing a profit for its 30 June 2010 year end so friend wants to set up a comapny pension scheme and pay the maximum into the pension scheme (based on director salary included in the 30 June 2010 accounts) in order to reduce the exposure to corporation tax.
Although the year end is 30 June 2010, my understanding is that the actual payment can be made up to six months after the year end and still be accounted for as a tax-deductible expense in the 30 June 2010 accounts.
Is my understanding correct? If not, could someone please clarify?
Many thanks.
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