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Why did I not pay Additional Rate Tax
mymseuser
Posts: 1 Newbie
in Cutting tax
Good morning,
Not wanting to complain but trying to pre-empty pension contributions for next year so I dont pay additional tax.
However looking at this years tax return, the amount of money used against Higher Rate was £86835, I would have thought the maximum amount would have been (125140-50270 bands) £74870, any additional income would have been at additional rate (~£12k).
Figures above are not my total income where tax was due which was ~£147k and my basic rate was increased to ~£60k due to pension payments.
Just trying to work out how much pension I need to contribute next year if my salary goes up by X so not to pay additional rate, just thought I would have done already
Not wanting to complain but trying to pre-empty pension contributions for next year so I dont pay additional tax.
However looking at this years tax return, the amount of money used against Higher Rate was £86835, I would have thought the maximum amount would have been (125140-50270 bands) £74870, any additional income would have been at additional rate (~£12k).
Figures above are not my total income where tax was due which was ~£147k and my basic rate was increased to ~£60k due to pension payments.
Just trying to work out how much pension I need to contribute next year if my salary goes up by X so not to pay additional rate, just thought I would have done already
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