Hi Guys
I've recently moved onto a salary in excess of £100k and with bonus can exceed £125k.
I've read about utilising my pension to reduce my tax liability but had a few questions.
1. My understanding is that my taxable income is based on pay before any pension contributions. If so is the benefit to me the relief of 20% I will receive on my additional contributions I pay into my pension?
2. I understand I can apply to HMRC for additional relief above the 20% I get automatically. How does this work? Do HMRC refund me the cash following my tax return or does it work another way?
Hoping someone can advise me as slightly confused despite reading alot online on this topic.
Cheers
Nick
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