Apologies if this has been answered but can someone advise if the AVC limit applies to gross or net income.
I currently qualify for the 25% AVC limit and trying to determine how much AVC I can pay.
Annual Gross is 119k (124k from July)
Employer contributes 6%
Employee contributes 6%
AVC - 500 EUROS/month; doubled to 1000 to commence July
I am trying to understand if I can add more AVC and what % I am currently at in terms of reaching the 25% limit.
Also, is it as simple in saying that a 1000 AVC costs me 600 euros from net income. I based this on for every 100 euros you get 40 euros relief.
I currently qualify for the 25% AVC limit and trying to determine how much AVC I can pay.
Annual Gross is 119k (124k from July)
Employer contributes 6%
Employee contributes 6%
AVC - 500 EUROS/month; doubled to 1000 to commence July
I am trying to understand if I can add more AVC and what % I am currently at in terms of reaching the 25% limit.
Also, is it as simple in saying that a 1000 AVC costs me 600 euros from net income. I based this on for every 100 euros you get 40 euros relief.