Hi
So finally I am moving on to a new job. Similar pay to what I am earning, but better prospects and development.
I am in receipt of tax credits and will still be eligible.
For the last near 7 years I have been in a pension scheme where your full salary is tax, pension then paid and tax reclaimed. Is it called relief at source? I have always been able to deduct my gross contributions from my earnings for Tax Credits, however every renewal it's always horrible as it takes months to correct due to the way its paid and it not showing on my P60.
Anyway my new job takes contributions the standard way, so before you are taxed.
Sorry to sound silly but I've been so used to it being done the other way around for so long. I plan to continue to make the same contribution to my pension but I know now the tax won't have to be reclaimed.
Am I correct in thinking that the earned figure on my P60 won't be my full annual salary, but the figure minus my contributions? Basically only the salary that was taxed?
Just wondering how I declare my new salary to TC?
Hopefully this makes sense.
Thanks