Paying 50% income tax!
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I recieved letter about pension but I wasnt interested in it so I didnt join. Here are payslip details:
Payslip 5 - 20.04.2018
313.20 pounds
Tax code 1185L
Deductions:
Tax -257.94
Ni 18.14
Totals year to date:
Gross 925.08
Taxable gross 925.08
Tax paid 48
Ni paid 0
Net pay 5530 -
I recieved letter about pension but I wasnt interested in it so I didnt join. Here are payslip details:
Payslip 5 - 20.04.2018
313.20 pounds
Tax code 1185L
Deductions:
Tax -257.94
Ni 18.14
Totals year to date:
Gross 925.08
Taxable gross 925.08
Tax paid 48
Ni paid 0
Net pay 553
Tax is now OK
Regarding the NI cannot think of any reason why the cumulative figure would show as 0 so definitely query this.
Regarding the pension you should not be asked if you want to join, you should be enrolled into the pension and then if you do not want to join you have to give your employer an opt-out form. Some details here....
http://www.thepensionsregulator.gov.uk/individuals.aspx
Were you aware that your employer has to contribute to the pension as well as yourself?0 -
You are right, I didnt read it carefuly. They will enroll me on 10th June, so I will opt out later. I will tell them about Ni problem. Thank You very much:)0
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From a quick look I can't see if it's possible to opt out of auto enrolment before it starts, but if you are enrolled and decide to leave you only get your payments back if you leave within the first month.
https://www.gov.uk/workplace-pensions/if-you-want-to-leave-your-workplace-pension-scheme0 -
Why don't you want a pension? Have you already got enough provision?0
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We don't know the OP's full circumstances.Why don't you want a pension? Have you already got enough provision?
For people working perhaps short-term or temporarily in the UK, a few months or so of UK pension contributions probably will not amount to much even over the long term. And many other countries do not recognise UK pensions as tax-deferred, turning a UK pension into a tax nightmare if living outside the UK. In some jurisdictions it is entirely possible that the local tax preparation fees for a UK pension extended over decades could add up to more than it is worth.
So yes, giving up a modest employer match is certainly leaving a bit of money "on the table", as it were. But that has to be weighed up against possible future plans.0 -
I just prefer to save money by myself. The less of money government has, the better for us. If I would have choice I wouldnt pay any National insurance at all and eventually get insured by myself or not.0
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I just prefer to save money by myself. The less of money government has, the better for us. If I would have choice I wouldnt pay any National insurance at all and eventually get insured by myself or not.
That's really not what NI is any more (and hasn't been for a long time), it is effectively just another part of income tax for employees, albeit one which is also paid by employers.0
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