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Posted Tue, 05 Mar 2024 21:43:54 GMT by doublework2
Before starting a new tax year i want to make my finances more tax efficient. Currently £66k gross from employment of which 10% is currently salary sacrifice So £60k, then also through Self assessment i have an income of £8600 I want to increase my salary sacrifice from 10% to 37%, so that my employment gross is £41,400, and my annual total gross is therefore £50k, which removes higher rate tax, and also allows me to efficiently claim child benefit too as an extra.(i have children) If i increase my salary sacrifice to 37%, by the end of the tax year, will it work out that i am only paying tax on roughly £50k of income, and not the current roughtly £68k that is taxable. Thank you
Posted Wed, 06 Mar 2024 11:27:26 GMT by HMRC Admin 20 Response
Hi doublework2,
HMRC cannot advise you on the level to increase your pension salary sacrifice as this amounts to financial advise which we are not authorised to give.
For details on tax rates please refer to Income Tax rates and Personal Allowances
Thank you.

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