What to Start a SIPP ... idk how - SBO
Hey All, I'm a small business owner in the UK. I want FIRE..... I have been running a company for 2 years after moving from Europe to start a whole new life and only recently have been told by my accountant after paying stupid amount of corporation tax last year and the year prior, that I can just put it into a pension fund and pay way less tax than I did... my accountant is not people, people, just good with numbers.
So I asked ChatGPT as I have a stocks and shares ISA already I know a little about building out a portfolio and it suggested a SIPP, but I couldn't get the details from it either... so I was looking at setting up a SIPP, and dumping a ton of left over profit in there to build up my wealth for a nice early retirement and of course reduce my corporation tax numbers.
Has anyone done this before, or can anyone give suggestions, or ideas or tips. I would be happy to know anything as my accountant is very limited on what he will say because “Finical Regulations” bs....
So I need to know, the best SIPP you recommend, maybe why it's good.
And
If any other business owners like myself do this and if so how do they turn those spare company profits into a nice nest egg for a very comfortable retirement
or maybe I am looking at this all wrong with the SIPP pension and should focus on a simple regular pension scheme and if so any suggestions there
basically any suggestions or ideas at all, I'm interested in, thanks all :)