Pension tax relief - Net Pay or Relief at Source

bob99999

Just completing tax return, with income/bonus and btl income have gone over the 50k threshold this year, so 40 % tax and child benefit implications.

However unsure if my company pension scheme is net pay or relief at source?

Wondered if someone could advise based on my last payslip please?

Salary 3881.25

PAYE tax 515.25

NI 339.99

Pension 155.25

Total deductions 1010.5

Net pay 2870.75

Then from the pension statement

Your regular contribution 194.06

Your employers regular contribution 116.44

Thanks

molerat

It looks like net pay from the pay slip but relief at source from the pension statement - what tax code is used ?

Dazed_and_C0nfused

Does your £194.06 have 25% added by the pension company when it's added to your pension fund?

If not it will be net pay and you cannot include those contributions on your Self Assessment return.

Another way to check is if your salary is say £55,000 and you pay 10% under net pay your P60 would show (taxable) pay of £49,500, not the £55,000.

bob99999

molerat said:

It looks like net pay from the pay slip but relief at source from the pension statement - what tax code is used ?

My tax code is 1226L

zagfles

bob99999 said:

molerat said:

It looks like net pay from the pay slip but relief at source from the pension statement - what tax code is used ?

My tax code is 1226L

What's your taxable pay to date this month and last month?

Dazed_and_C0nfused

Missed this first time round.

Looks like RAS.

£155.25 + 25% = £194.06

Pension 155.25
Total deductions 1010.5
Net pay 2870.75
Then from the pension statement
Your regular contribution 194.06

bob99999

Pick up pay in Jan 2870.75 tax code 1226L

Dec 2870.74 code 1226L
Nov 2870.74 code 1226L

Does this help?

bob99999

Also my monthly salary on my wage slip x12 would be same as on my P60.
So my P60 is not showing the deduction of my pension contribution.

bob99999

Dazed_and_C0nfused said:

Does your £194.06 have 25% added by the pension company when it's added to your pension fund?

Checking my pension value, it only shows the 194.06+116.44 then 1.56 charge each month, doesnt give monthly total, just a total value.

molerat

It looks like relief at source then.  I suspect the bonus has caused a tax grab which is being paid back hence the lower than expected tax.