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Posted Wed, 06 Nov 2024 13:07:35 GMT by Chrissy Gooders
Good afternoon, My brother and I have been directors of a Ltd company since 2016 that we are the sole shareholders. In the previous 7 years all we have had is outgoings in terms of cost. This year we finally sold our first land to developers for £550,000. Our costs have been approximately £142,000 and we have not taken any salary. We would like to minimise our tax bill where legally possible and as directors of the Ltd company we would like to put money into a pension. Am I correct in saying that you can put £60,000 a year into a pension ( actual amount £48,000) and that you can do this for three years ( previous) in total. Please can you confirm if this is correct and if this would reduce the amount we have to pay corporation tax on. Many thanks in advance.
Posted Wed, 06 Nov 2024 16:21:31 GMT by HMRC Admin 33
Hi,
This forum is for general queries only and is intended to help you self-serve. HMRC is unable to provide specific advice tailored to individual circumstances with regards to tax optimisation.
Thank you.

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