M
mrfelton
Guest
Hi,
I have worked as a VAT registered sole trader since Jan 09. In this time I have earned about 70K net profit. But, now I'm working on my my tax return, and the government want to take a huge chunk of it... 40% for everything over 36,100!!
I was told that if I had paid some, lets say 20k into a pension, that I would not be liable for tax on that, leaving only 50k for the tax man to worry about - which is clearly better!
But, the tax year is over already, and I didn't pay a thing into a pension. Can I still make a payment into a pension, and use it to offset against the 09-10 tax return, or is it too late now?
I have worked as a VAT registered sole trader since Jan 09. In this time I have earned about 70K net profit. But, now I'm working on my my tax return, and the government want to take a huge chunk of it... 40% for everything over 36,100!!
I was told that if I had paid some, lets say 20k into a pension, that I would not be liable for tax on that, leaving only 50k for the tax man to worry about - which is clearly better!
But, the tax year is over already, and I didn't pay a thing into a pension. Can I still make a payment into a pension, and use it to offset against the 09-10 tax return, or is it too late now?