Associate
Benefit in kind possibly? Health plan or a company car maybe?
I don't think so. I don't have any of those at least. It's not far off the 10% mentioned so I'll just have to go with it
Benefit in kind possibly? Health plan or a company car maybe?
I think this could affect me soon. Is it simply a case of checking your P60 and seeing if your earnings are 50k or over? Last years P60 figure was still in the late 40s.
I get teachers pension and childcare vouchers which reduces my taxable income right? Sorry, not too knowledgable about this but with my overall salary now at 58 this year I think I need to clue myself up as my taxable pay may now drift over the limit!?
I didn't realise this...Your contributions to your pension, if done via salary sacrifice, reduce your taxable pay, as does childcare vouchers.
If the window for filing an amended return has passed, you will need to write to HMRC to tell them of any corrections. A refund can be claimed up to four years from the end of the tax year to which it relates.I didn't realise this...
My last place of work, which was where I was at for many years ran a salary sacrifice scheme, however I didn't deduct my pension contributions from my declared salary when doing the Self Assessment. I did try to query it with HMRC years ago, but the chap either didn't know and/or wasn't particularly helpful, but suggested I could write to HMRC to try to claim it back. I am hoping from your comment that there could be some merit in this??
What adjusted net income is
Adjusted net income is total taxable income before any Personal Allowances and less certain tax reliefs, for example:
trading losses
donations made to charities through Gift Aid - take off the ‘grossed-up’ amount
pension contributions paid gross (before tax relief)
pension contributions where your pension provider has already given you tax relief at the basic rate - take off the ‘grossed-up’ amount
If your P60 shows a income of 60k would that value be minus your salary sacrifice pension contributions?
That refers to pension payments being made by your company/employer to your pension. For instance, my employer puts 4% into my pension and I put in a minimum of 4% (6% this year). My contribution is deductable from my taxable pay, the company's contribution is not.On the self assessment form, it said any pension payment through your company does not reduce taxable salary.
I understood it that you'd have to make extra voluntary payments above your what you do through the company.
My P60 shows what my taxable salary is after the pension has been taken out. For example;
Salary £X pa
Pension at £Y pcm
Childcare vouchers £Z pcm
P60 shows, in the earning this year box
X - (Y12+Z12)
But I think it very much depends on how your pension is set up.
I badgered them and finally got my figures. The interest wasn't too bad really, and no penalties.
Here are my figures for those interested.
2015 - 2016: £78.00 - This was a partial year as our son was born Oct 2015. They deemed the amount too low to pay back so nothing for this year.
2016 - 2017: £742.00 - £46.52 interest added.
2017 - 2018: £344.00 - £10.68 interest added
2018 - 2019: £1,076.00 - I submitted this via self assessment. As I don't use self assessment it took a while to register which meant I missed the end of December so they want it all by end of Jan.
I cancelled the benefit back in November so will have some more to pay for 19-20 tax year.
For the back dated stuff do they want it all at once? I'm just about to blow my spare cash on 2018-19 self assessment stuff...
I spoke to self assessment (0300 200 3827) and was able to set up a payment plan for everything including the 18-19 self assessment I did. Paying back at £200pm.