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Mattia

Mattia

Joined: 12/13/2024

  • RE: Calculating Net Adjusted Income for Child Benefit High Income Tax Charge

    Fri, 13 Dec 2024 15:36:09 GMT – Calculating Net Adjusted Income for Child Benefit High Income Tax Charge
    Dear HMRC Admin, I am trying to calculate my adjusted net income (using https://www.gov.uk/guidance/adjusted-net-income) and I had a question regarding how to do so based on the figures on my payslip. Regarding 'Step 1 — work out your net income’ , I wanted to double check what I should put as my taxable income. There are different figures in the This Period Summary section: PENSIONABLE PAY, TAXABLE PAY, NON-TAXABLE PAY, TOTAL PAYMENTS. Am I correct to think that I should use the TAXABLE PAY figure? Regarding 'Step 3 — take off pension contributions', am I correct that I should use the NHS Pension figure in the DEDUCTIONS and multiply it by 1.25? Thanks so much for the clarification.