Hi,
Looking for some help.
I earn over 100k and am planning to make a contribution into my workplace pension to minimise tax.
When i put some test numbers into the self assessment site I can see that it has a great benefit to the tax and it all makes sense in my head
my workplace pension is Relief At Source I think - the deduction is on the right hand side of my payslip and when i look on the pension providers website i see the 20% added to my contribution.
So i am totally happy with the tax element.
my question is about free 30 days childcare hours for my little one. You only get this if you earn less than 100k.
When I pay more into my pension, all it does is alter the allowances, it doesnt actually lower my income. Is this right?
If this is the case, then i think i'd be better off if my employer had a different way of collecting contributions, i.e before tax via salary sacrifice.
Assuming my employer wont change the scheme then can i pay into a pension by writing a cheque and use a different part of the self assessment form to lower my actual income? like a workplace expense would do.
all help much appreciated.
Thanks
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