Reducing 40% tax paid?

Rowbo

Hello,

i'm going around in circles trying to work this out.

Which figures do i need to use? Its a little bit more complicated than just the gross pay and pension contributions I think as there is a company car involved.

Is there an online calculator i could use?

I also want to add that we are not at all opposed to paying tax, I just thought i'd like to have a look how close we are to this.

If anybody could point me in the right direction or if there has previously been a thread on this that i could read that would be great.

Thank you!

Dazed_and_confused

Just treat the company car benefit as additional taxable income I.e. use whatever you expect your P11D benefit in kind figure to be.

It is ultimately taxed exactly the same as your taxable salary.

Gross pay is often irrelevant for this as HMRC would only be interested (for the purposes of your question) in your taxable pay which would be shown on your P60 i.e. salary £50,000 less company net pay pension contribution 10% = taxable salary £45,000 (this would be the amount shown in your P60, not the £50,000).

Dox

Have you tried https://www.moneysavingexpert.com/tax-calculator/

Bimbly

Also:
https://www.thesalarycalculator.co.uk/salary.php

Has a tab to add taxable benefits (like car).