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Reducing tax
englandbaby
Posts: 26 Forumite
in Cutting tax
Hi
Some of you lovely people helped me out with some salary/tax queries last week and it appears I am now just over the higher rate tax band.
Someone suggested increasing my pension contributions to reduce my tax. Can anyone advise if increasing childcare vouchers, sharesave, partnership plans etc also decreases my tax?
thanks
C
Some of you lovely people helped me out with some salary/tax queries last week and it appears I am now just over the higher rate tax band.
Someone suggested increasing my pension contributions to reduce my tax. Can anyone advise if increasing childcare vouchers, sharesave, partnership plans etc also decreases my tax?
thanks
C
0
Comments
-
Can anyone advise please?
thanks0 -
To the best of my knowledge, which may be wrong, anything that comes our of the gross income and isnt considered a BIK will reduce your tax liability but anything that comes out of the net pay or is subject to BIK will not reduce your tax.
So, childcare should work, sharesave wont and dont know what "partnership plans" are to comment0 -
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