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Tax free pension funds for contractors

23 August, 2010

For Umbrella Company contractors there is a definite benefit to investing in a pension fund as it reduces PAYE and NI liabilities and they remain one of the few tax breaks available.

There are a variety of pension schemes available and, while they have been seen to be the most efficient way of reducing tax and NI liabilities, it is advisable to get professional guidance before signing documents.

The pension fund contributions are paid directly from earnings, thereby saving income tax and NI payable. The funds then grow in a tax-free pension fund and are therefore the most efficient way of saving tax and planning for your future.

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