Mercedes
-
RE: Self Assessment earnings over £100,000
Thanks have checked it out and think the calculation works out OK for the tax it is just how it shows on the return compared to what I was expecting to see.
Feedback . -
RE: Self Assessment earnings over £100,000
Hi I have earned more than £100k and made an additional pension contribution (Payments to registered pension schemes where basic rate tax relief will be claimed by your pension provider) which I expected to reduce my taxable income on my Self Assessment tax return but it appears that this was only added onto the basic rate limit it hasn't reduced the impact on my Reduced Personal Allowance? So if for example I earned £115k (taxable income) and paid a £5k additional pension contribution as above I expected the the Reduced Personal Allowance to be £7570 (i.e. £12570 minus £10000*0.5) rather than the £5070 it would have been (i.e. £12570 minus £15000*0.5). Have I understood correctly?