Employer and Employee contributions

Employer and Employee Contributions – Relief at Source:

Within the Hubwise SIPP we are able to accept both employer and employee contributions.

For employer contributions you will need to ensure the company bank details are submitted to the portal and the relevant checks are carried out to ensure that the employer is fully money laundered before the first contribution received.

For employee contributions the personal bank account will need to be entered into the portal if they had not been added at the outset of the plan.

Employer Contributions

An employer contribution is made by a members employer and the payment is made gross, the employer will receive tax relief through the companies tax return. 

If the member is self employed please refer to the article on self-employed contributions  to determine how the payment should be submitted, Self Employed Contributions : Knowledgebase Hubwise. The employer may only make employer contributions on behalf of the member, they cannot make an employee contribution net of tax relief.

If salary sacrifice is being used these will also be treated as an employer contribution as funds will be deducted from the members salary before tax is deducted.

Employee Contributions

The Hubwise SIPP can accept employee contributions and these will be made to the scheme as a net contribution and we will arrange for the tax relief to be claimed from the HMRC via relief at source reporting.

Employee contributions must come from the members bank account and will be paid from their salary, post income tax deductions.

We can not accept an employee contribution from the members employers account.