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Hi. I am a higher rate tax payer, earning c£48000 per annum. I am also a pensioner and currently get a state pension of £780 per month. I took this pension because I need to pay off my credit cards and mortgage. However, I am paying a very high tax at the moment. I am on paye so I don't submit a tax return. I would like to take a salary sacrifice and I need to maintain around £2700 pay but I can't find out an exact calculation to allow me to do this. With the salary sacrifice I want to pay this into my pension pot. My employers have agreed, I just have to work out how much I need to pay. Can you help or point me to someone who can? Thanks. My tax code is 25L .
Did you get my reply to this question? I thought I sent it but just noticed that my status at the top of the page indicates that you are waiting for me to reply.
I'm afraid that if you did reply, it hasn't come through to me.
Oh sorry, I'll do it again.
I need to receive a minimum of £2700 in my pay packet, plus my pension. I receive my pension every four weeks, so my taxable pay is c£55k I think which is why I pay so much. Do you need any more info?
My current payslip states:
total gross pay £3923, gross for tax £3923, Earnings for NI £3532 (although I am over 60 so don't pay NI any more. My year to date pay is £19618, tax paid 5155, and I pay £117.71 for my pension (sorry, told you the wrong amount earlier). However I have just been awarded a 3.5% payrise so I estimated my earnings at just over £48,000 - this takes effect from this month so the above amounts will go up slightly. Is that enough info?
Also, when I get a figure to do this, what do I have to do next? Write to the tax office?
Thanks. I realised that I didn't actually say what my current take home pay was - for August it was £2772. But of course it will rise in September.
That's helpful thank you. ***** just write to the tax office saying that I am taking a salary sacrifice or is that necessary, as it is just my employer that is involved?
No, you don't need to do anything. It will be done through the payroll.