I pay a token amount from MyCo into my pension every month and am wondering if I am doing it in the best possible way, from April I will be taking a salary of £10k so no tax to pay and NI contributions of £20.44 personal and £23.51 employer per month, I then pay £280 per month into a pension so that my total gross is £13,360.00, still no tax to pay but NI goes up to £54.04 personal and £62.15 employers.
Is this the correct way to do it? Is there a way I can make my pension non contributory as a lump sum at the end of the year so I don't pay the NI on it? Or will that then in turn become a BIK?
Is this the correct way to do it? Is there a way I can make my pension non contributory as a lump sum at the end of the year so I don't pay the NI on it? Or will that then in turn become a BIK?
Comment