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next year (2013-14)i will earn £36000 , but the limit for 20% tax is 0nly £32000. i dont want to give any more to the taxman than i have to, so how much do i have to put in my pension pot each month to offset my tax? my mate reckons £400 a month, that cant be right , can it?
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You only pay a little extra on £4000. Why give it to a Bank or Insurance company?
I'd happily pay extra tax if I earned enough for it to make a difference. There's still plenty to live comfortably on.
I'd happily pay extra tax if I earned enough for it to make a difference. There's still plenty to live comfortably on.
just pay the higher rate on £4K and enjoy life. Much better than some elaborate time-wasting guff where inflation eats away at it.
I'm guessing you're referring to the 41,450 income at which higher rate income tax of 40% starts.
And that you might earn 45,450 gross, so want to avoid the 40% on 4k.
If you earn 36k, then carry on enjoying yourself, you're not affected, apart from already paying income taxation at 44% ( 20% PAYE, 12% your NIs , 13.8% Employers NIs which is money they can't pay you ).
Here's the sums if you do earn 45,450. You pay 200/month into a private pension, or 2,400 a year. The pension provider , SIPP provider , whatever , claims back the 40% or 1600 from the government, so you've paid 4000 in. The result is you defer income tax at 40% with the intention of taking it at 20% when you're 68 which is what state pension age will rise to eventually.
And that you might earn 45,450 gross, so want to avoid the 40% on 4k.
If you earn 36k, then carry on enjoying yourself, you're not affected, apart from already paying income taxation at 44% ( 20% PAYE, 12% your NIs , 13.8% Employers NIs which is money they can't pay you ).
Here's the sums if you do earn 45,450. You pay 200/month into a private pension, or 2,400 a year. The pension provider , SIPP provider , whatever , claims back the 40% or 1600 from the government, so you've paid 4000 in. The result is you defer income tax at 40% with the intention of taking it at 20% when you're 68 which is what state pension age will rise to eventually.
Get a job paying 8k or less, or go full-time on here.
Is there any form of salary sacrifice you can do? Such as childcare or a travel season ticket.
........ also health screening, cycles, mobiles etc
Try this link
http://www.hmrc.gov.uk/manuals/eimanual/eim42750.htm
for guidance
Try this link
http://www.hmrc.gov.uk/manuals/eimanual/eim42750.htm
for guidance
exactly kenbo! especially since he got all his math wrong!...he's not easily embarrassed.
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