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!
SA - clarification help please!
72Dave
Posts: 1 Newbie
in Cutting tax
Hi
Hopefully someone can put my mind at rest, this seems very strange to me but its my first time having to do a SA – I’m sure its not as complicated as I am making it!
I have a Salary approaching £54k, two kids, claiming child benefit for them both.
My P60 says my Pay was £47.7k with a Tax deduction of £8.8k, the gap between £47k and £54k is obviously my Pension deductions, etc.
Two questions:
1. under my “Pay from my Employer” I am putting the £47k NOT £54k – I believe this is correct?
2. under “Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider (called 'relief at source').” I am putting in my £2k AVCs – again correct?
The rest I am happy with, the only thing that worries me is that is says they owe me £500!
Other than my AVCs I haven’t mentioned my pensions asthey were removed from the initial £54k?
Thanks so much for any clarification
D
Hopefully someone can put my mind at rest, this seems very strange to me but its my first time having to do a SA – I’m sure its not as complicated as I am making it!
I have a Salary approaching £54k, two kids, claiming child benefit for them both.
My P60 says my Pay was £47.7k with a Tax deduction of £8.8k, the gap between £47k and £54k is obviously my Pension deductions, etc.
Two questions:
1. under my “Pay from my Employer” I am putting the £47k NOT £54k – I believe this is correct?
2. under “Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider (called 'relief at source').” I am putting in my £2k AVCs – again correct?
The rest I am happy with, the only thing that worries me is that is says they owe me £500!
Other than my AVCs I haven’t mentioned my pensions asthey were removed from the initial £54k?
Thanks so much for any clarification
D
0
Comments
-
The £500 refund is the extra tax relief on your AVC contributions as you are a 40% taxpayer.0
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
- 454K 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