Chiara Gambi
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Adjusted Net Income - pension contributions
Hi, I need to calculate my adjusted net income for the purpose of determining whether it is over £50,000. I think I understand what needs to be added up (i.e., what is taxable income), but I have two questions: -I pay contributions into my exployer's pension fund before tax (i.e., they are not included in my taxable pay), so I understand I need to subtract £1.25 for every £1 of pension conributions. Is this correct? -I can use my P60 to determine my total employment income for the tax year, but how do I work out the pension contributions in the tax year? Do I just use the payslips within the tax year? So for example, for tax year ending 05/04/24, I would include the payslip from April 2023 but NOT the payslip for April 2024? ((I get paid at the end of the month) Many thanks