We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Saving income prior to 40% deducted
Jimbo381
Posts: 1 Newbie
in Cutting tax
This may not be the right forum but I'm wondering if there is a way of saving some of my income from source to avoid having to pay the 40% income I currently pay. I already pay into a public sector pension scheme and don't really want to lock anymore away. I'm looking to save for short to mid term 2-5 years.
0
Comments
-
Pension is the only easy way that I know of, and as you say that money is locked until you reach a specified age. There may be other salary sacrifice options that could save you some tax, but that depends entirely on what your employer offers. As you're in the public sector the option for things such as share save schemes seem unlikely.0
-
You only pay 10% more when you go over £424750
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards