Natalie PAYE
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Self assessment calculation query for higher earner with pension contributions
Hello, can you confirm I've calculated my tax liability correctly please (tax year 2023-24)? Gross taxable earnings = 144,287 Allowable expenses = 1204 Dividend payments = 2216 Total gross contributions paid to pension through salary sacrifice = 14910 Total net contribution paid to pension company directly = 22,100 Employer paid pension contributions = 18903 Charity donations = 280 My calculation is 144287 - 1204 (allow exp) + 2216 (div) - 3912 (PA) = Tax due on 141,382 Gross up net pension of 22,100 = 27,625 and add 357 charity donations to basic rate. Therefore, 65,682 @ 20% = 13,136 73,489 @40% = 29,395 Plus div tax of 410 Total tax due of £42,942 I'm not sure if I've missed a step our for adjusted net income?? Any help would be much appreciated.