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Salary Sacrifice

redmalc
redmalc Posts: 1,436 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
in Pensions, annuities & retirement planning
Hi All
i am retiring at the end of May 24 and was given a bonus of 25 K which was to be paid in my salary at the end of May, however it was agreed I am now getting a further bonus of 25K in May 24, can I salary sacrifice the second 25K 
regards

Comments

  • Simon11
    Simon11 Posts: 808 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 23 January 2024 at 9:01AM
    Yes and it would have been wise to always salary sacrifice bonuses over your career, especially if you pay 40% tax on them.

    You will need to ask your employer about how you go about doing it!
    "No likey no need to hit thanks button!":p
    However its always nice to be thanked if you feel mine and other people's posts here offer great advice:D So hit the button if you likey:rotfl:
  • Nevergonnaretire
    Nevergonnaretire Posts: 57 Forumite
    Third Anniversary 10 Posts
    Definitely, I've literally just done the same thing. Fortunately my employer sends out an email with a link to our benefits site every January to remind us to select the 'Bonus Sacrifice' option, which is handy.
  • redmalc
    redmalc Posts: 1,436 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Simon 11,I have sacrificed all of my bonus,s but the question I am unsure about is if I take the 25k as salary in May can I also sacrifice the second 25k 
  • Veteransaver
    Veteransaver Posts: 783 Forumite
    500 Posts Second Anniversary Name Dropper
    As long as you don't exceed the £60k annual limit (was £40k in prior tax years) but you can carry back.
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