Thanks for all the feedback all. Sorry I've not been able to keep on top of the replies.
I'm still a bit confused over whether or not I'll need to complete a self-assessment form; seems to be a bit of conflicting responses.
My salary will be 60k, plus a potential bonus, but it will be well under the 100k mark which brings with it some more questions/considerations. I don't know whether my pension will be paid via a net pay or relief at source scheme. I just know salary sacrifice won't be an option.
Yes you will be asked to complete a self assessment each year. So make sure you keep records of salary, benefits, profits from shares, bank interest, etc.
Why do you need to keep track of bank interest?
One point about child benefit is it also gives you national insurance/state pension qualifying years. I claim it in case I don't pay myself enough salary one year, despite having to pay it back due to my wife's earnings.
Not always a great idea to opt out of the child benefits, if your other half isn’t working.
I continue to claim and subsequently pay back the benefit as this keeps my wife “earning” according to PAYE as such is still building her state pension pot.
My wife is working, but is only part time. She doesn't earn enough to pay tax, but I think she pays a smidge of NI from memory.
Earning between 50 and 60k is an enormous marginal tax rate. 40% PAYE, 3.25% NI, something like 11% child benefit claw back on the first child and another 7% on any additional kids, and potentially 9% student loan.
As a result, anything to reduce that is worth a think about. Pension contributions help. I'll be buying a bike on cyclescheme: effective cost is around £400 for a £1000 bike. Make sure to claim WFH allowance on your tax return.
I've claimed for WFH for the past couple of covid years, but I believe they've changed the rules now so you can't claim if you
choose to work from home, or if they have an office you can realistically use. I will be working from home, and my contract says I will (at my request), but the office is only 45 mins away so I don't think I can argue that away!
Cycle to work
Massively increase your pension
Any pretax schemes at work?
Any opportunity for like company shares or anything?
Dump everything you can into any optional extras you can get to mitigate the tax
Suppose it depends how far into the tax band you are
As above, 60k, but I don't think there's any fancy offerings at work other than pension. I can crank up the contributions to some extent, but I can't go too crazy as I'm getting a new mortgage in the next year or two (hopefully), so need to be able to prove my affordability
Is the OP saying that their future employer has a net of tax scheme, where you pay into a pension after tax is deducted? Is that an allowable thing? What about contributions from employer.
As above, I'm not sure what pension contribution method they will be using. I just know it's not salary sacrifice. My employer will be contributing a few %, but I'm not sure if it's via a net pay or relief at source scheme.
