Hello,
I'm trying to figure out whether my net income is above the threshold for having my tax free allowance reduced by £1 for every £2 above the limit. I think this is 100k for 2018/19. If I am over then amount then perhaps I can put a lump sum in my SIPP to avoid this.
All my income is via PAYE. I buy £124 of child care vouchers per month and I pay £550 out of my bank account into my SIPP every month.
Is there a simple formula for working out the net income number? I've tried various websites but they are either not clear about how to treat SIPP payments, or don't have options for it at all.
Also is net income and taxable income the same number or different?
Many thanks in advance,
James
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