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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4091
Experience:  FCCA FCMA CGMA ACIS
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I would like to know what is the most tax efficient way of

Customer Question

I would like to know what is the most tax efficient way of sorting out my remuneration package from my employer (salary & employer pension contribution) and what would be the best way of restructuring it to end up with the best result.
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

I am at present at a slight loss as to how to advise you. Presumably your employer is paying your through PAYE in which case you will be having your tax and National Insurance properly deducted. Could you please give me a little more information as to your employment conditions.
Customer: replied 3 years ago.

Hi Keith, question, will there be a trail of the correspondence online. I can see now that there are questions and your responses viewable in relation to other questions that have been posed.

Expert:  bigduckontax replied 3 years ago.

Just Answer is open access and anyone can see your and my responses. However, what is not disclosed or capable of being discovered is your or my identity. As far as the site is concerned you are 55s9hm3o and I amCustomer I will be away for the next few moments exercising the dog!

Customer: replied 3 years ago.

Thank you for the reply. I need to get into specific details and I'm not comfortable providing that open forum. Thanks anyway.

Expert:  bigduckontax replied 3 years ago.
OK, but let me help you a bit if I can. If you are on PAYE there is little one can do reduce the tax charge. There are your subscriptions to your professional bodies, but these tend to be small beer. The big money spinner is contributions to pension finds. Your employer's contributions are an irrelevance, there are his not yours. You could make additional voluntary contributions to your employer's scheme or set up your own private pension plan. You can contribute up to 100% of your earnings up to a maximum of 50K thus tax year, 40K next. If you did this through a SIPP you can even mop up unused contribution levels up to 3 years back.

I do hope I have been of some help and I do understand your predicament.