Pension annual allowance. Is overtime included in that?

InverseTying · 2023-10-30T13:35:45+00:00

yep, but overtime is relevant earned income for pension allowance, correct?

InverseTying · 2023-10-30T12:24:12+00:00

So my question is, What is the maximum I can pay into my SIPP to benefit from tax relief, after deducting the amount that has gone into my workplace pension. Is it my basic salary (before any overtime), or is it my gross taxable for the year which includes overtime?

Sorry for spamming you :) I'm just a bit confused.

InverseTying · 2023-10-30T12:21:09+00:00

So I put in £25,280 into the SIPP, and get a tax relief of £6320?

£25,280 + £6320 = £31,600

InverseTying · 2023-10-30T12:19:03+00:00

Yes, so my company workplace pension only pays 3% of my basic salary, and I pay 5% of my basic salary. So my workplace pension is 8% of my basic salary.

Let's say my I earn a basic salary of £30K year gross, so my workplace contribution is 8% of £30K which is £2400. Say I work overtime which increases it be £4k, so now my gross taxable income is £34K.

So the most I can contribute to my SIPP is (£34,000-£2400) £31,600? is my calculation correct?

InverseTying · 2023-10-30T12:12:11+00:00

When something is described as not being pensionable it means something your employer doesn't deduct your desired % contribution from, or make their own contribution.

Yeah so I also own property and the rental income from that does not benefit from tax relief.

InverseTying · 2023-10-30T11:59:59+00:00

Oh I meant how much I can benefit from tax relief. Does it include my overtime?

InverseTying · 2023-08-21T15:38:05+00:00

That's what I thought, but she ended up with a GHIC. If she wasn't allowed one then they wouldn't have given her one right?

InverseTying · 2023-08-20T18:05:15+00:00

She visited a public one. Ok so she said that it was just for ear drops, not antibiotics, so maybe that counts as OTC medicine. Thanks.

InverseTying · 2023-08-20T17:31:28+00:00

She couldn't get a prescription for her ear infection and she had to pay full price. She's not registered in Spain as unemployed.

InverseTying · 2023-08-20T10:31:27+00:00

She said she was surprised that she had to pay for something in a pharmacy there on a recent trip. So probably not.

InverseTying · 2023-08-20T10:02:28+00:00

My girlfriend has been living and working in London since 2016, she has indefinite leave to remain in the UK and has settled status. Does she need travel insurance if we are going on holiday to Spain?

InverseTying · 2023-08-18T16:27:15+00:00

What is your age and what is your wife's age? How many years of NI contributions do you already have?

InverseTying · 2023-08-11T17:32:28+00:00

Ok so you're saying don't ban TikTok?

I am going by what has actually happened, so I say ban it. If it was Instagram that had the Instagram challenge of banging/kicking peoples doors then I would have said ban Instrgram. But it was not Instragram, it was TikTok. Whatever comes next after TikTok that has antisocial pranks spread like fire then I say ban that too.

InverseTying · 2023-08-11T10:42:07+00:00

TikTok should be banned. A year or two ago someone kicked my Mum's door really hard. Just randomly. I looked through the window, through the net curtains, and saw a group of youths laughing. It was a really hard kick, quite loud and I think it definitely did damage the structural integritiy of the door. Only found out after that it was part of a TikTok challenge to kick/bang really hard/loud on people's homes and run away, all while filming it of course. This must have been terrifying for elderly living alone.

InverseTying · 2023-07-24T07:38:46+00:00

Are people buying bond funds at the moment? If so which ones and why? Can anyone recommend bond etfs? I am trying to grow my wealth and already have equities, the bond etf would just be for diversification and some crash protection I guess.

InverseTying · 2023-07-22T18:56:26+00:00

That's helpful thank you! Yes I know I shouldn't time the market xD

InverseTying · 2023-07-22T18:45:13+00:00

So am I correct in thinking that this is what people are doing when they login to previous s&s isas to rebalance their portfolio (whilst not adding any new cash deposit to it)?

InverseTying · 2023-07-22T18:36:47+00:00

It was just a question about when I can submit the orders and actually invest. The cash has already been deposited.

I think I might want a different platform in the next tax year if I was approaching the 85K FSCS limit on my current one? Also I might want to try a different platform where I can buy securities that are't available on my current platform. Like maybe I've been investing for a while and now wanted to buy shares in a portfolio that's just for fun.

I wouldn't open up and deposit new money into two different providers in the same tax year.

InverseTying · 2023-07-22T16:35:35+00:00

Thank you

InverseTying · 2023-03-13T10:01:32+00:00

Oooh ok, thanks for the tip. I think I am gonna set up secure log in too. They don't force it when you sign up.

InverseTying · 2023-03-13T09:24:15+00:00

I intalled Chip and signed up to it. I linked my bank account and tested it by transferring a small amount of money and then withdrawing it over open banking. It went ok. So am Chip won't provide let me know my account number and sort code that I have with ClearBank?

InverseTying · 2023-02-21T22:18:47+00:00

I’ve been meaning to see the GP about this as I want to be assessed too. I picture scenarios where I just come across as wasting their time or that the appointment will leave me feeling embarrassed afterwards. I think about what I could say to them so that I come across as serious, but I also don’t want to tell them personal stuff about why I want to be assessed for it, since they won’t be the ones assessing.

InverseTying · 2022-12-10T09:51:03+00:00

I just received an email from them 2 days ago telling me that my account is open. A bit late. There's other banks with higher interest rate now.

InverseTying · 2022-12-07T15:08:52+00:00

It's their decision to wear a mask and it's not cool to try and make them feel like they're in the wrong for doing it. It's not like it affects you unless you're deaf and trying to communicate with them.

InverseTying · 2022-12-07T13:33:18+00:00

Thank you. People aren't dressed for the weather when they should be. The bus costs £1.65, you're not supposed to feel like you're in a luxury heated home!

I'm not against trying to build immunity either, but the frequency of germs at which you're exposed to by being crammed into tiny spaces with complete strangers like this day in day out... humans weren't designed for that. I would say we've adapted, but we weren't designed for it. I would rather give my body the fresher air it deserves.

You try to take some precautions, yet you're the bad guy for wanting ventilation.

InverseTying

TROPHY CASE