How to calculate adjusted net income

Guesswhat

I’m not really sure what to do on my self assessment form 2023-2024 for Higher Income child benefit charge over 50, 000.
I work at the NHS & on my P60 £53,365 & my bank P60 £7,561. Does this mean that I’m over 50,000 adjusted net income? Can someone help me please.

Dazed_and_C0nfused

Guesswhat said:

I’m not really sure what to do on my self assessment form 2023-2024 for Higher Income child benefit charge over 50, 000.
I work at the NHS & on my P60 £53,365 & my bank P60 £7,561. Does this mean that I’m over 50,000 adjusted net income? Can someone help me please.

Did you make any pension contributions on top of what you paid for the NHS scheme?

Ljc80_2

This confuses me too, I earn £60k, but got a 5k Bonus. My P60 states £65k, but I do pay into a work pension each pay (standard life). My payments totalled about 2.5K which my company says this comes off before tax. I just dont know if i use £65k or £62.5 to calculate what the HICBC would be

Dazed_and_C0nfused

Ljc80_2 said:

This confuses me too, I earn £60k, but got a 5k Bonus. My P60 states £65k, but I do pay into a work pension each pay (standard life). My payments totalled about 2.5K which my company says this comes off before tax. I just dont know if i use £65k or £62.5 to calculate what the HICBC would be

You need to find out the method used to make those pension contributions.

It sounds like they could be relief at source, which is where the pension company adds 25% to what you pay.

In which case you would be deducting £3,125 (if what you paid was £2,500).

You need to add in any other taxable income such as untaxed interest (even if that is taxed at 0%).