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SIPPs and the self-employed

Less than a third of the self-employed contribute to a pension, which means they are missing out on valuable tax benefits

Open your SIPP
  • As a personal pension, a SIPP is eligible for tax relief

  • The amount you contribute will reduce your tax liability

SIPPs and the self-employed

If you are self-employed or run your own company, it is down to you to plan for your retirement which is why a SIPP can offer advantages.

Less than a third of the self-employed contribute to a pension, which means they are missing out on valuable tax benefits. In fact, if you are your own boss, there are two ways a SIPP can be tax smart.

  • How to be tax smart #1

    Tax relief

    As a personal pension, a SIPP is eligible for tax relief.

    Open a SIPP and even if the amount you pay in varies month by month, the government will add an extra 20% in tax relief to your pension.  

    If you are a higher rate taxpayer, you can claim additional tax relief on your Self-Assessment tax return. How much you can claim will depend on how much you earn.

  • How to be tax smart #2

    Tax liability

    As you run your own business, the amount you contribute will reduce your tax liability.

    For sole traders and partnerships, what you pay in will be offset against your income tax liability.

    If you are a director of a limited company, your business can make contributions into your SIPP and the amount is offset against corporation tax.

SIPP advantages

  • Advantage 1

    Access

    With an EQi SIPP you can invest one-off lump sums or make regular payments and enjoy access to a much wider range of investments.

    As with all personal pensions, the government sets a maximum for contributions of £40,000 a year.

  • Advantage 2

    Flexibility and control

    If you are your own boss, you’ll be aware that you don’t have an employer paying into a pension. But as someone used to managing finances, a SIPP might offer the flexibility and control you will appreciate.

  • Advantage 3

    Tax benefits

    Less than a third of the self-employed contribute to a pension, which means they are missing out on valuable tax benefits.

  • WHY EQI?

    The EQi SIPP

    Unique in that it allows you to choose from a panel of over 70 leading providers and manage it on our platform

  • EQI EXPLAINS

    Who can open a SIPP?

    Find out whether you're eligible to open a Self-Invested Personal Pension

  • EQI EXPLAINS

    Three reasons to consider a SIPP

    Learn more about the tax benefits, personal control and range of investment options

  • EQI EXPLAINS

    SIPP FAQs

    Learn more about Self-Invested Personal Pensions in our FAQs section