Can I claim back on RA contributions if my business is the payer?



I'm self employed, I have a retirement annuity but my premiums are paid through the business.

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TaxTim TaxTim says:
29 January 2013 at 20:45

If you are self-employed which business are you referring to? Do you run a business as a sole proprietor? Or do you have a registered company whom pays you a salary each month?

Sam says:
30 January 2013 at 9:13

I have a CC, currently I run my expenses from the company account. Would the scenario differ if the company paid me a salary each month?

TaxTim TaxTim says:
30 January 2013 at 17:06

If the CC is paying for it then you in effect you owe the CC money for making this contribution because you are not receiving a salary. However if the CC were to be paying you a salary each month then this would form part of your employment package and you could deduct it for tax purposes. Either way the CC would be able to deduct it as an expense.



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