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