About you
Country:
Employment income
? Overtime or commission, for example.
Self-employed income
Workplace pension contributions
?

Net pay: enter the full gross amount deducted from your salary before tax is worked out. Tax relief is given automatically through payroll.

Relief at source: enter the amount you actually pay from take-home pay (before the 20% basic rate top-up is added by your provider).

Salary sacrifice: enter the amount of salary you have given up. Your employer contributes this directly into your pension, reducing both your income tax and National Insurance.

Private pension contribtions
? The annual allowance for pension contributions is £60,000.

You can carry forward unused allowances from the last three years.
Your SIPP provider will automatically top up your contribution to 0. You may be able to claim additional relief.
?
Savings interest
? Premium bond prizes and interest from ISA accounts are exempt from tax.
Dividend income
? Dividends received from assets held in an ISA wrapper are exempt from tax.
Property income
?

Enter allowable expenses you can deduct in full from rental income before tax.

Examples: letting/management fees, maintenance & repairs (not improvements), utilities, insurance, service charges, ground rent, professional fees.

?

Mortgage interest isn't a deductible expense for rental profit. Instead you receive a 20% tax credit on the interest paid, subject to HMRC caps.

Example: £10,000 interest → £2,000 credit.

Redundancy payment
The first £30,000 of redundancy payments are exempt from tax. Amounts over this value (£20,000) are subject to tax.
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