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Posted Sun, 01 Dec 2024 11:11:22 GMT by BeatnicksBaton
Hello, I get paid a gross salary of £60k plus an annual bonus of £5k paid in May and December (£2.5k each month) I would like to use salary sacrifice to bring my taxable income down to £50 to avoid going into the 40% bracket however I think that tax is calculated on a monthly basis of my gross salary so I don't receive the full tax relief. For example if my Gross is 60k and I need to reduce it by £833 per month to get down to 50K but the actual gross is 65k so I need to reduce by £1250 for £50k. On the monthly reducing it by £1250 seems to mean I only get 20% relief on the difference of £417 (£1250-£833) but is this then corrected at the end of the tax year and I will be able to get the full relief back? Thanks
Posted Mon, 02 Dec 2024 13:19:07 GMT by HMRC Admin 10 Response
Hi
Unfortunately, we are unable to provide specific advice tailored to individual circumstances on this forum. This forum is for general queries only and is intended to help you self-serve. 
Alternatively, you may wish to engage the services of a professional advisor/accountant to assist with your enquiry. 

  

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