Earning over 100k - do I need an IFA

rexmonday

Hey

I've started a new job that means, with my signing on bonus, I'll be earning over 100k this year. I've read about the "60% tax" and am looking to offset some of my salary to avoid paying this. My question is, should I be chatting to an IFA, or is it relatively simple to sacrifice some of my salary (into my pension for example)

Any help would be HUGELY appreciated

Thanks

Dazed_and_C0nfused

rexmonday said:

Hey

I've started a new job that means, with my signing on bonus, I'll be earning over 100k this year. I've read about the "60% tax" and am looking to offset some of my salary to avoid paying this. My question is, should I be chatting to an IFA, or is it relatively simple to sacrifice some of my salary (into my pension for example)

Any help would be HUGELY appreciated

Thanks

Sacrificing the salary shouldn't need an IFA.

But you might consider an IFA worthwhile when determining how to make best use of the employer pension contributions within your pension.

Albermarle

If you read through this and the pensions forum, you will see lots of threads along similar lines.

An IFA would be more useful if you need more wide ranging advice about personal finance & investments, rather than just abut salary sacrifice.

MetaPhysical

No, you don't need an IFA.  You can do it all yourself and many do exactly that by research and asking questions, if you feel so inclined.  However, there are many traps for the unwary that can cost you many thousands of pounds in unnecessary tax unless you are willing to do this reading and research.

rexmonday

Thank you all. I’m going to read the pensions forum, but any info you could link here would be massively appreciated. Thanks 

Albermarle

Pensions: Everything you need to know for retirement - MSE (moneysavingexpert.com)

Pensions and retirement | Help with pensions and retirement | MoneyHelper