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Where Taxpayers and Advisers Meet

Pay rise and %40 tax bracket

feridunferman
Posts:1
Joined:Mon Apr 09, 2018 3:35 pm
Pay rise and %40 tax bracket

Postby feridunferman » Mon Apr 09, 2018 3:40 pm

Hello

I recently got a pay rise on Friday.And on Monday Hr mailed me to say I`ll be falling in %40 tax bracket which means I can`t use 243£ childcare vouchers. From now on I`m only entitled to use 124£ which makes payrise not very effective.

I`m paying pension contributions , Do you think is it possible to fall back to previous tax bracket by increasing the amount of contributions I make or any suggestions?

Thanks
F

someone
Posts:692
Joined:Mon Feb 13, 2017 10:09 am

Re: Pay rise and %40 tax bracket

Postby someone » Tue Apr 10, 2018 4:03 pm

Yes, this should work.

Note that the pension contributions must be made in the relevant tax year.

You can also use gift aid carry back to adjust your income in a previous year (up until you submit your tax return) which can be used to tweak things once you have all the figures for the year.


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