Salary Sacrifice - Tax Return / P60

ambercelery

Hi

The company i work for has a salary sacrifice pension scheme that I am a member of.
In addition to this due to a rental property income I receive, I have to complete a self assessment tax form each year (in fact, this is the last year I have to complete one as I sold the property in the last tax year).
I am filling in the tax return, and am using the information from my P60 - however, the P60 seems to detail my pre-tax earnings from my employer i..e my salary, and not the amount I have received after the salary sacrifice pension payments (and childcare vouchers) have been deducted. Is this correct?

Should i enter my full salary on the assessment form (for example) 45000, or should i calculate the amount that has been paid into the pension and childcare vouchers (salary sacrifice) and deduct this from my salary e.g £45000 - £4000 = £41000

nick74

You should certainly use the figures from your P60 on your tax return but it seems there is something odd going on here.

Either your P60 is wrong, or perhaps your employer is not operating the salary sacrifice correctly. Do the P60 figures agree to the cummulative figures on your final 09-10 payslip? Does the salary you receive fit with what you would expect to receive? (ie have they forgotten to take the salary sacrifice amount off your wages before paying you?)

hardup2010

coulc any one tell me if you lose money through a firm going bust can you offset this against your tax on self assesment?

John_Pierpoint

hardup2010 wrote: »

coulc any one tell me if you lose money through a firm going bust can you offset this against your tax on self assessment?

Are you talking about the business pages of your self assessment?
Or perhaps the Capital Gains bit?

(I don't think there would be much sympathy for those who have lost their holiday money or retirement villa deposits to Crown Currency.)

Actually this should be a new thread as it is nothing to do with salary sacrifice. So click <Edit> below and delete your posting then click <New Thread> at the top of the listing of this part of the forum. Re-post with a bit of detail about what has happened to you in this recession.

jamesd

Salary sacrifice reduces your pre-tax pay and your P60 would show that lower pay. Are you sure that you're not just mixed up about the difference between pension deductions from pay (same pay, pension deducted from that) and salary sacrifice (pay reduced on P60, monthly payslips will probably show the pension in a different place from a reduced pay level)?