Take Home Salary

Superleds1986

Hello, Can anyone assist with how much tax i've paid please ? Annual basic salary £68508. Received a £13050 bonus (Split in 2 instalments) & sold holiday back to company for £1317. Started paying into pension again at start of December (4% of salary every 4 weeks £210.79 which works out £228 per month & 5% of salary annually). I am paid every 4 weeks (13 times a year) Since January my take home has been £3611.37 (Gross Income £5269.85, deductions PAYE £1129, NAT Ins £318.06 Pension £210.79) When i've entered salary into updated salary calculators sit indicates i should take home £3695.53 with deductions being PAYE £1045, Nat Ins £318 & Pension £210.79. My tax code is correct and checked with HMRC 1294L (NI Code A) Neither my employers payroll dept or HMRC have offered any help and say deductions are correct. Any help or explanation from someone with knowledge of this would be greatly appreciated. Thanks in advance

BoGoF

Is your pension contribution pre or post tax?

Dazed_and_C0nfused

When i've entered salary into updated salary calculators sit indicates i should take home £3695.53 with deductions being PAYE £1045, Nat Ins £318 & Pension £210.79. 

Unless you understand exactly how they work with regard to pension contributions you cannot get an accurate result from those type of calculators.

Superleds1986

BoGoF said:

Is your pension contribution pre or post tax?

Pre Tax, thanks

chrisbur

Using your figures basing tax on a non -cumulative basis and assuming that your pension is taken from your net pay so all of the gross of 5269.85 is taxable gross then NI spot on and tax I get 20pence different.  The 20p difference is due to me using non-cumulative tax rather than cumulative.
I would assume that when you used a tax calculator you entered your pension in somewhere so the calculator assed that you pension was deducted from gross before tax calculated.  Your pension appears to be the sort that is deducted from your net pay and then extra is added to the amount in your pension pot to allow for the 20% tax paid. 
You appear to be a higher rate tax payer (I am assuming you annual salary is for most of this tax year); are you aware that you can claim additional tax back if you pay tax at the higher rate.

EDIT  I see that you have advised that your pension is deducted pre-tax so I think you need to clarify this with your payroll dept as tax figures do not indicate this.  Do you have on your payslip two gross figure eg gross and taxable gross?

Superleds1986

chrisbur said:

Using your figures basing tax on a non -cumulative basis and assuming that your pension is taken from your net pay so all of the gross of 5269.85 is taxable gross then NI spot on and tax I get 20pence different.  The 20p difference is due to me using non-cumulative tax rather than cumulative.
I would assume that when you used a tax calculator you entered your pension in somewhere so the calculator assed that you pension was deducted from gross before tax calculated.  Your pension appears to be the sort that is deducted from your net pay and then extra is added to the amount in your pension pot to allow for the 20% tax paid. 
You appear to be a higher rate tax payer (I am assuming you annual salary is for most of this tax year); are you aware that you can claim additional tax back if you pay tax at the higher rate.

EDIT  I see that you have advised that your pension is deducted pre-tax so I think you need to clarify this with your payroll dept as tax figures do not indicate this.  Do you have on your payslip two gross figure eg gross and taxable gross?

Thank you for response. I will clarify with payroll when pension is deducted (I had believed this was pre tax) No, I wasn't aware I can claim additional tax back due to being a higher tax payer. How & when would i go about doing this ? In answer to last question on my wage slip my gross & taxable gross both match £77604.37 (year to date, have one more pay date before end of tax year of the £5268.85 basic salary. Appreciate you're help

chrisbur

Might be that your pension should be from gross but has been set up wrong so check with payroll.
If pension is from net pay then have a look here....
https://getpenfold.com/news/claim-higher-rate-pension-tax-relief
section marked
How to claim higher rate pension tax relief
and
How many years back can I claim pension tax relief?  If that applies to you.

Superleds1986

Thank you for help, very much appreciated.