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Can anyone offer any definitive answer to this.
I decided to do a second degree, and have now got to start paying back the "loans", I am aware it is 9% of everything over c27.5k
But, looking around it seems that pension, childcare, cycle to work etc mean the amount paid back monthly is lower because the salary you are earning is deemed to be lower. Can anyone confirm or deny this.
Anything down as a salary sacrifice is an effective salary reduction. So if you have a salary of £50k and you salary sacrifice £2.5k for that awesome new C2W ride you’ve been after, you now have a salary of £47.5k with the commensurate tax and NIC.
This is why if you’re a lower earner you have to be careful that a salary sacrifice (for pension for example) doesn’t take you under minimum wage.
thanks, I guess using C2W for parts is something to consider more carefully then.
This is why if you’re a lower earner you have to be careful that a salary sacrifice (for pension for example) doesn’t take you under minimum wage.
That's the responsibility of your employer.
thanks, I guess using C2W for parts is something to consider more carefully then.
it lowers your minimum payments, but nothing to stop you overpaying other remaining amounts based on what you want to do. for bits and bobs on cycle to work you're talking about an overall difference of ~£90 (assuming your limit is still £1000) so its not a massive difference either way