Salary sacrifice

SCO

New to this 

SCO

Also can I calculate how much my takehome pay will be

MX5huggy

I would start with what is your current Salary? Take home per month, and gross annual salary? If your salary varies due to variable hours or bonuses it gets complicated (but not impossible). How many hours do you work? (You can’t SS below minimum wage). 

Then how much less take home pay are you happy to live without per month, £200 or £500 etc. 

Finally do you make student loan repayments? (These reduce using SS). 

Qyburn

SCO said:

Automatic enrolment from salary but not SS. They do offer SS. Need to request SS.

In that case even if you don't increase your contributions, get your existing contributions changed to SS.

doodling

Hi,

Salary sacrifice isn't the best thing to do if you are on a low salary (i.e. if you earn less than £12570 per annum after the sacrifice) as you will be missing out on tax relief on your untaxed income.

Note that you also can't salary sacrifice to a point where you are paid less than the minimum wage.

SCO

MX5huggy said:

I would start with what is your current Salary? Take home per month, and gross annual salary? If your salary varies due to variable hours or bonuses it gets complicated (but not impossible). How many hours do you work? (You can’t SS below minimum wage). 

Then how much less take home pay are you happy to live without per month, £200 or £500 etc. 

Finally do you make student loan repayments? (These reduce using SS). 

Hi Thanks for the replies everyone. 

Is there anyway to figure out what my take-home salary would be with tax savings?

Trying to figure out what my take home would be if I salary sacrifice 10%. 

NoMore

The Salary Calculator - Take-Home tax calculator

You can use this

SCO

I was reading that salary sacrafice may reduce entitlement to benefits such as paternity pay. What level does it start affecting benefits? 

MallyGirl

SCO said:

I was reading that salary sacrafice may reduce entitlement to benefits such as paternity pay. What level does it start affecting benefits? 

I think this depends on your employer. Whilst I sacrifice a lot of my salary I still retain the concept of a 'base salary' which is the larger figure before the sal sac and this is what bonus/life assurance etc are calculated on. Not every implementation is the same.

SCO

I would sacrafice 10% to 15%