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Taxable pay or pensionable pay?
Posted: Thu Mar 22, 2012 4:04 am
by [iD]
Hi just a quick question here.
I contribute towards my pension every month when I get paid. My company automatically deducts the money from my Gross Pay(mentioned as pensionable pay on my payslip) and then I pay tax on the rest of the amount which is mentioned as taxable pay.
Which earning would I be claiming points for? My gross (pensionable) pay or just because I chose to contribute towards my pension I can't count that amount?
I'm on HSMP->Tier 1 General
Thanks in advance.
Posted: Thu Mar 22, 2012 8:09 am
by Smam
Hi
To the best of my knowledge UKBA rules says that you have to claim points on yout Gross Salary. So if your contributing towards your pension that's fine but I think you can claim points on your Gross.
Please also consult senior members or mods of this forum.
Good luck for your ILR.
Posted: Thu Mar 22, 2012 5:02 pm
by [iD]
I always thought it was taxable pay but I guess I need to figure this out somehow.
Posted: Thu Mar 22, 2012 8:17 pm
by ban.s
It's gross pay only.
in normal situation, w/o any pension contribution or other eligible deductions, gross pay = taxable pay.
Posted: Thu Mar 22, 2012 10:42 pm
by push
Gross Salary 24. Where the earnings take the form of a salary or wages, they will be assessed before tax (i.e. gross salary).
Posted: Fri Mar 23, 2012 1:15 am
by [iD]
push wrote:Gross Salary 24. Where the earnings take the form of a salary or wages, they will be assessed before tax (i.e. gross salary).
So it's salary minus pension deduction right?
Posted: Fri Mar 23, 2012 8:03 am
by Smam
[iD] wrote:push wrote:Gross Salary 24. Where the earnings take the form of a salary or wages, they will be assessed before tax (i.e. gross salary).
So it's salary minus pension deduction right?
Hi
Gross means the salary before tax and net salary means the amount we get in the bank account after any deductions like tax,pension,student loans,car loan or what ever.
UKBA takes the Gross Salary amount in to consideration not the Net Salary one.
Posted: Mon Mar 26, 2012 1:21 am
by [iD]
Smam wrote:[iD] wrote:push wrote:Gross Salary 24. Where the earnings take the form of a salary or wages, they will be assessed before tax (i.e. gross salary).
So it's salary minus pension deduction right?
Hi
Gross means the salary before tax and net salary means the amount we get in the bank account after any deductions like tax,pension,student loans,car loan or what ever.
UKBA takes the Gross Salary amount in to consideration not the Net Salary one.
Got it! It's Gross Salary not 'taxable' salary then. Salary before any pension deduction. thanks.