Self-employed pension contributions

ChBo · ‎May 04, 2020

I use Quickbooks Self-Employed. I am a sole trader I don't have employees. Each month I make pension contributions to a pension scheme but I do not know how to report this on the app / site. It is personal or business expenses? If it is business which category is it? I have seen a previous post about this and you say to just put it as personal but I was wandering if there is an update considering you do have to inform hmrc when you file your taxes about any pension contributions.

MaryLurleenM · ‎December 30, 2020

Hello there, Phil45,

You'd want to tag these contributions as Other Business Expenses. Once you're ready to file your return, you'd have to manually enter/ itemise these contributions separately on the SA form at HMRC . You can read through this article for more insights: About SA103F Categories.

I also recommend consulting with an accountant to help you in using the correct categories. You can visit the Accountants Near Me | Chartered Accountants page to help find an expert.

You can also visit the HMRC website to learn more about Self Assessment tax returns.

I'm here anytime you have other concerns.

View solution in original post

Rasa-LilaM · ‎May 04, 2020

Welcome to the Community, ChBo.

Based on the scenario, you can track the pension as a business expense. For the specific SA103F Categories to use, I suggest consulting with an accountant.

They can recommend which one to use to ensure you’re in compliant with the HMRC. You can visit the Accountants Near Me | Chartered Accountants page to help find an expert.

I’m also adding a link that list contains all supported category types: About SA103F Categories.

Stay in touch if you have any other concerns or questions. I’ll get back to answer them for you. Have a great rest of the day.

Phil45 · ‎December 30, 2020

Hi,

I'm in the same position as you with the pension contributions, did you get an answer as to where to categorise it?
Many thanks

Phil

MaryLurleenM · ‎December 30, 2020

Hello there, Phil45,

You'd want to tag these contributions as Other Business Expenses. Once you're ready to file your return, you'd have to manually enter/ itemise these contributions separately on the SA form at HMRC . You can read through this article for more insights: About SA103F Categories.

I also recommend consulting with an accountant to help you in using the correct categories. You can visit the Accountants Near Me | Chartered Accountants page to help find an expert.

You can also visit the HMRC website to learn more about Self Assessment tax returns.

I'm here anytime you have other concerns.

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