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can I deduct my pension from gross???

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Hi. Ive rung tax credits six times each time a different answer! My work doesn't understand or know either.

As the title says can I deduct my pension contributions from my yearly gross?

I pay 255 a month. Work pays 5%

If I can deduct it then I can tell hmrc a lower figure for tax credits purposes.

To help these are my figures.

Gross ytd 12809.95
Tax paid ytd 1193.40
Ni paid ytd 972.70
Taxable pay ytd 12809.95
Employee pension 1284.45

This Pay this month:
Gross 2, 020.27
Taxable payments 2, 020.27
Pensionable pay 1, 815.91

Deduction s

Tax 208.40
Ni -A 161.79
Pension fixed 255.00

Please help!! Thanks

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    Combo Breaker First Post
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    You would give them the £2,020 monthly figure. Therefore £24,000 as your annual figure.

    They've done the NI calculation based on monthly gross pay of £2,020 so that's why I'd use that figure.

    Your pension contributions should be on top of your monthly pay. You should have a take home payment of around £1,650.

    The figures you give are estimates anyway until you get your P60 at the end of the year and notify tax credit next year of the actual amount. You wouldn't want to have an overpayment and less money paid to you next year.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
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