Hi @rawdah786, Thanks for getting in touch. We do have a pension specifically designed for self-employed individuals. It’s very flexible, you can contribute as much or as little as you like! www.pensionbee.com/self-employed-pension In terms of plans, we currently have 8 to choose from including Shariah - these differ in terms of investment type, money manager and fee. You can also switch your plan at any time and all of our plans allow you access to flexible-drawdown. www.pensionbee.com/uk/plans Kind regards Team PensionBee
Hey @reabo If you’re self-employed and making a personal contribution and you’re eligible for tax relief, you’ll also receive a 25% tax top-up. For every £100 you put into your PensionBee pension, the government will add another £25. We’ll automatically claim your 25% tax top up and add it to your balance. www.pensionbee.com/contribute I hope this helps Kind Regards, Team PensionBee
@@PensionbeeTV It's quiet confusing this. The money from self employment is untaxed when i put it into the pension. If i put £100 and you topped it up £25. id have to pay back the £25 in tax correct?
Hi @reabo, If you're a sole trader, you can only make personal contributions, and PensionBee only accepts personal contributions that are eligible for tax relief. The amount you receive depends on your income tax bracket, so if you’re a basic rate taxpayer you get a tax top up of 25% on your pension contributions, up to an annual limit. You can find out if your contributions are eligible directly below: To be eligible for tax relief, you must be under the age of 75 and classed as a ‘relevant UK individual’. To be a relevant UK individual, you’ll need to be in at least one of the following categories: • You are/were a UK resident for tax purposes at some point during the current tax year • You are/were a UK resident for tax purposes at some point during the last five tax years, and when signing up to PensionBee • You have a spouse/civil partner with general earnings from overseas Crown employment, subject to UK tax • You have ‘relevant UK earnings’†, subject to income tax *†Relevant UK earnings are normally your total taxable earnings from UK-based work. This includes earnings from employment, self-employment and bonuses. It generally doesn’t include any investment income. You are generally unable to claim tax-relief on contributions above your relevant earnings. If you earn less than £3,600 annually or don’t earn anything, the maximum amount you can contribute to your pension whilst receiving tax-relief is £2,880 net, bringing your total annual contribution to £3,600 gross once tax relief is added.* We hope this provides clarity. As we offer a non-advisory service, if you'd like some guidance on tax relief in relation to your personal circumstances, you may wish to reach out directly to HMRC or a free government advisory service such as Money Helper for assistance. Money Helper - www.moneyhelper.org.uk/en / 0800 138 7777 Warm regards, Team PensionBee
Hello Pension Bee, I’m self employed also, do you provide any ‘Shariah Compliant’ Pensions?
Hi @rawdah786,
Thanks for getting in touch.
We do have a pension specifically designed for self-employed individuals. It’s very flexible, you can contribute as much or as little as you like!
www.pensionbee.com/self-employed-pension
In terms of plans, we currently have 8 to choose from including Shariah - these differ in terms of investment type, money manager and fee. You can also switch your plan at any time and all of our plans allow you access to flexible-drawdown. www.pensionbee.com/uk/plans
Kind regards
Team PensionBee
@@PensionbeeTV Many thanks for replying so quickly, I’ll now look into these pensions 👍🏽
isnt self employed money not taxed yet. So if i put into a pension 10k. i get 2.5k top up. That means im 25% up out of no where?
Hey @reabo
If you’re self-employed and making a personal contribution and you’re eligible for tax relief, you’ll also receive a 25% tax top-up. For every £100 you put into your PensionBee pension, the government will add another £25. We’ll automatically claim your 25% tax top up and add it to your balance. www.pensionbee.com/contribute
I hope this helps
Kind Regards,
Team PensionBee
@@PensionbeeTV It's quiet confusing this. The money from self employment is untaxed when i put it into the pension. If i put £100 and you topped it up £25. id have to pay back the £25 in tax correct?
Hi @reabo,
If you're a sole trader, you can only make personal contributions, and PensionBee only accepts personal contributions that are eligible for tax relief.
The amount you receive depends on your income tax bracket, so if you’re a basic rate taxpayer you get a tax top up of 25% on your pension contributions, up to an annual limit.
You can find out if your contributions are eligible directly below:
To be eligible for tax relief, you must be under the age of 75 and classed as a ‘relevant UK individual’.
To be a relevant UK individual, you’ll need to be in at least one of the following categories:
• You are/were a UK resident for tax purposes at some point during the current tax year
• You are/were a UK resident for tax purposes at some point during the last five tax years, and when signing up to PensionBee
• You have a spouse/civil partner with general earnings from overseas Crown employment, subject to UK tax
• You have ‘relevant UK earnings’†, subject to income tax
*†Relevant UK earnings are normally your total taxable earnings from UK-based work. This includes earnings from employment, self-employment and bonuses. It generally doesn’t include any investment income.
You are generally unable to claim tax-relief on contributions above your relevant earnings. If you earn less than £3,600 annually or don’t earn anything, the maximum amount you can contribute to your pension whilst receiving tax-relief is £2,880 net, bringing your total annual contribution to £3,600 gross once tax relief is added.*
We hope this provides clarity. As we offer a non-advisory service, if you'd like some guidance on tax relief in relation to your personal circumstances, you may wish to reach out directly to HMRC or a free government advisory service such as Money Helper for assistance.
Money Helper - www.moneyhelper.org.uk/en / 0800 138 7777
Warm regards,
Team PensionBee