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Lump sum payment to employee's SIPP

  • Member PM.Dip
  • Practice Licence
  • 67 posts
  • # 117814

Hello,

My sole trader, who employs his wife, would like to make a lump sum payment to his employee's SIPP.

I understand that it a business expense and so I would DR pension and CR bank, but I'm unsure as to how to put it through the payroll. Do I pay a bonus payment to the employee and then, somehow, mark it as a pension contribution (to get the PAYE and NI relief)? There is no pension set up in the payroll system at the moment. I'm using Payroll Manager.

Thanks in advance

Clair

  • Member PM.Dip
  • Practice Licence
  • 67 posts
  • # 117856

Hello,

 

The pension circumstances have changed slightly - the pension scheme will now be NEST and the employer has started to make monthly contributions. He would still like to make lump sum payments. Can anybody help me with how I put this though NEST and how I process it through my payroll software - Payroll Manager?

Thanks

Clair

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