Hi,
I tried to find the answer to my question int the various threads posted here, but didnt, so I would kindly ask if someone can clear the following for me.
I am in the same employment for more than 5 yrs, and during all this time 5% of my salary was paid by me into my pension, and my employer contributed by another 5%. My 5% were deducted before tax each month (making it roughly 2.5% net).
If my salary is 50000, that means that yearly 5000 went into pension, but it costed me (roughly) 1250 out of my pocket. (100 pm) (And effecitvely the salary was 52500 due to employer paying the pension)
I will change the job over the next month, and the new employer will give me extra money to "pay pensio/healthcare etc". What I don't understand is the following - that money is being taxed and then it ends in my pocket. How much tax and when can I claim if I pay pension myself?
I would say I claim back the income tax on anything that I pay in pension, but I am not sure if this is correct.
Tahnks in advance
I tried to find the answer to my question int the various threads posted here, but didnt, so I would kindly ask if someone can clear the following for me.
I am in the same employment for more than 5 yrs, and during all this time 5% of my salary was paid by me into my pension, and my employer contributed by another 5%. My 5% were deducted before tax each month (making it roughly 2.5% net).
If my salary is 50000, that means that yearly 5000 went into pension, but it costed me (roughly) 1250 out of my pocket. (100 pm) (And effecitvely the salary was 52500 due to employer paying the pension)
I will change the job over the next month, and the new employer will give me extra money to "pay pensio/healthcare etc". What I don't understand is the following - that money is being taxed and then it ends in my pocket. How much tax and when can I claim if I pay pension myself?
I would say I claim back the income tax on anything that I pay in pension, but I am not sure if this is correct.
Tahnks in advance
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