Hi, first time poster.
I pay childcare vouchers and participate in a salary sacrifice program for pension. In addition to that I have private medical insurance which my tax code is adjusted for.
I would like to make an AVC this year following my bonus, and want to get to a very specific number in doing so. Question is, how do I calculate that?
I'm assuming my AVC calculation will be:
Salary sacrifice adjusted salary + bonus - childcare voucher payments - target gross salary. That bit is easy, however in viewing my government gateway tax prediction, they class the medical insurance as income, despite my tax code being adjusted to tax me as a BIK? In effect, they reflect my tax code reduction but also add on medical insurance as taxable income too, so the top line looks higher than it should be. This is confusing the hell out of me.
Can someone help me work out what my AVC calculation should actually look like?
B
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