HMRC - 2023-2024 - Tax Returns?

[Zefan]

Minor point close to VED/Road tax debate - but salary sacrifice is a third type of thing altogether. That's where employers agree to pay you less to save on NI and then pay the difference + usually a % of their saving directly into your pension.

So the only difference is NI right?

 

[dlockers]

So the only difference is NI right?

Potentially - but it's actually a better scheme altogether, because your employer often passes over THEIR employer NI saving to you - and given NI has gone up, that may be material. It also theoretically affects how you report your salary when applying for credit etc. As you no longer earn 50k, you earn 40k with a 10k+"bonus" paid into your pension.

 

[f666]

Lol. As if anyone would pay 30k just for fun

clients who are worriers may well have and will do so again if they dont feel they can live with the uncertainty...

 

[Semple]

I think so, so as I didn't start receiving it until April 6th this year it'll be my tax return around this time next year that I'll need to submit with figures owed for this tax year.
Currently it should be literally a couple of quid they need back, once that starts going up then I'll be doing some rough maths and putting that money aside throughout the year.

Take all of the above with a table of salt as I'm still trying to 100% get my head around it

Just FYI it mentions this in the budget document:

To make it easier for all taxpayers to get their HICBC right, the government will allow employed individuals
pay their HICBC through their tax code from 2025

Sounds like you may possibly need to SA this year, but maybe able to adjust your tax code from April 2025.