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M
Muthaducka
April 13, 2020
Question

Adding employee and employer pension contributions to non workplace pension using QB online

  • April 13, 2020
  • 1 reply
  • 0 views

Hi,

 

I used QB online to manage my Ltd business which is just me as a director and employee.

 

My personal pension payments come out of my personal bank account and therefore aren’t recognised for tax relief in QB.  

1. How can I setup my personal pension payment in QB for Tax / NI relief?

2. I would like the business to contribute extra money towards this personal pension.  How can I set this up?

 

Thanks in advance.  I couldn’t find this anywhere in archived discussions.

1 reply

C
Charies_M
April 13, 2020

It's nice to see your post today, Muthaducka.

 

If you're using a QuickBooks Online Standard Payroll, you can manually set up one pension scheme for this.

 

To give you an overview on how to add pensions in QBO, here'a an article for you: Workplace pensions in QuickBooks Online Standard Payroll.

 

For QuickBoosk Online Advance Payroll, you're allowed to set up two separate scheme. One for pension and one for personal pension. First, let's set up a pension scheme for your business. I'll walk you through the steps below:

 

  1. Go to Payroll Settings, Pension Settings.
  2. Select Add Pension Scheme Manually.
  3. Enter your Staging date, then Save.
  4. Select Add Manual Scheme then fill in the necessary details.
  5. Form pension admin, fill in the details for employers name and address, etc.
  6. Select Save.
  7. You will see that you now have the option to add a contribution plan. Select Add.
  8. Fill in the following information, then Save.

To give you an overview of the process of setting up a pension item in QuickBooks Online, here's an article made handy for you: Manually setup a workplace pension scheme in QuickBooks Online Advanced Payroll.

 

If I can be of assistance, please don't hesitate to leave me a comment below. Have a wonderful day ahead.

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