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What is my taxable pay ?
CRAIGEMMA
Posts: 57 Forumite
Firstly thank you for reviewing my message .
Could someone kindly tell me what I would need to pay into my pension to keep me under 100k.
£112,678.72 after my work pension payments is where my end of tax year situation will be on payslip including a bonus due.
I have family private medical cover that is an additional £2511 on my tax code.
I also have other expenses (miles and working from home) of £1512.
Payment will be to employer salary sacrifice not sipp
Do I need to pay in...
A. £12679 (Ignoring benefits/expense)
B. £15190 (taxable pay to end year + the medical cover)
C. £13679 (taxable pay to end year + medical cover minus other expenses)
There will be charity payments but I'm ignoring this for purposes of calculation for ease.
Could someone kindly tell me what I would need to pay into my pension to keep me under 100k.
£112,678.72 after my work pension payments is where my end of tax year situation will be on payslip including a bonus due.
I have family private medical cover that is an additional £2511 on my tax code.
I also have other expenses (miles and working from home) of £1512.
Payment will be to employer salary sacrifice not sipp
Do I need to pay in...
A. £12679 (Ignoring benefits/expense)
B. £15190 (taxable pay to end year + the medical cover)
C. £13679 (taxable pay to end year + medical cover minus other expenses)
There will be charity payments but I'm ignoring this for purposes of calculation for ease.
0
Comments
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Assuming your are interested in the tapered Personal Allowance (ANI of £100,002 or more) then you need to add all taxable income and can then deduct any expenses.
You cannot deduct salary sacrifice pension contributions as they are paid by your employer.
But your taxable income will of course reflect the fact that you have sacrificed some salary.
Don't forget things in your tax code are irrelevant really, it's the actual amount that is key. So the estimated medical benefit is £2,511 but the actual might be say £3,000. Likewise with expenses, they could be different for this tax year.
£13,679 looks about right using your estimated figures.
But don't forget that taxable interest and dividends are also counted in your adjusted net income even if taxed at 0%.
1 -
Dazed_and_C0nfused said:Assuming your are interested in the tapered Personal Allowance (ANI of £100,002 or more) then you need to add all taxable income and can then deduct any expenses.
You cannot deduct salary sacrifice pension contributions as they are paid by your employer.
But your taxable income will of course reflect the fact that you have sacrificed some salary.
Don't forget things in your tax code are irrelevant really, it's the actual amount that is key. So the estimated medical benefit is £2,511 but the actual might be say £3,000. Likewise with expenses, they could be different for this tax year.
£13,679 looks about right using your estimated figures.
But don't forget that taxable interest and dividends are also counted in your adjusted net income even if taxed at 0%.
Just don't want to give 60% away !0
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