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Quick Allowance clarification.....
Can
I please just check something that I did have clear with regards AA/Earnings but am
now just wanting to check....
For
2020/21:
Taxable
Pay/Earnings will be £12k (rounded for ease)
Salary
Sacrificed Pension contributions for 2020/21 are £5k (rounded for
ease)
Personal Scheme Contributions Gross will be £3,750
Remaining
“allowance” for Personal contributions is £8,250 Gross which
would give total Personal, Salary Sacrificed and Employer
contributions of £17k for 2020/21. No issues with taxable earnings
of £12k as £5k was SS.
MTIA.
Comments
-
You can contribute up to your salary level so £12,000 - £3750 = £8250 Gross. Employer contributions (including your SS portion) are irrelevant.
Was the £3750 Gross or Nett? You need to use the Gross figure.1 -
Thanks - yes will be £3,750 Gross so £6,600 Nett remaining made up through RAS to £8,250 Gross.
For some reason I was starting to question the SS element !0
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