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Tax on earnings with a pension too!
stagey_2
Posts: 201 Forumite
in Cutting tax
Hi all - I am 65 in March 2010 and the company has just commenced the 'retirement' procedure - we're a small team and I will be working on 'indefinitely' as agreed with the company. I've been taking my pittance of a govenment pension £69 pr wk since I was 60 but am well aware that I am paying tax over the odds as my salary + pension is more than the £22900 income limit. As I am now in my 65th year (from March 2009) my tax allowance is £9400 (ish - forget the actual allowance figure) I am trying to work how much to reduce my salary by pa so that I can still have the same net income (more or less) but reduce my hours of working - is there some sort of formulae I could use - thanks. L
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