Very easily explained. Anyone can understand from this.
@FinancialMadness
Жыл бұрын
Thank you very much. I am glad you found it helpful
@traceythomas9804
2 жыл бұрын
Excellent video. Very informative. The chart was a really good way to see comparisons between the two...
@FinancialMadness
2 жыл бұрын
Thank you. I'm glad to hear that it was helpful:)
@Rydia704
3 жыл бұрын
That chair swivel 😂
@FinancialMadness
3 жыл бұрын
It is an art form!!
@Rydia704
3 жыл бұрын
@@FinancialMadness You've got it down to a T :D
@maxinecourtney4017
2 жыл бұрын
Your video was very helpful and easy to follow. Thank you.
@FinancialMadness
2 жыл бұрын
Glad it was helpful!. Thank you!
@kingsleyajike1753
2 жыл бұрын
Thanks for the video! very clear explanation :)
@FinancialMadness
2 жыл бұрын
I'm glad it was helpful Kingsley :)
@officeboyreloaded5427
2 жыл бұрын
Hey dude, love your channel, I think it's worth rerecording or trying to optimize the audio in the video. It's hard to hear without headphones while making dinner if you catch my draft :D. Keep up the good work, have a nice day !
@FinancialMadness
2 жыл бұрын
Thanks for the tips! My equipment is in serious need of an upgrade. I will definitely take a closer look for my upcoming videos. Cheers
@bayingjase2006
7 ай бұрын
How can your examples both show £750 for employer contribution? 3% of £23,750 is £712.50. That is a HUGE reduction in employer contributions thst significantly affects our bottom line. Really helps our employer a ton though!
@vikramsharma4828
Жыл бұрын
Lovely content thank you. Did struggle with audio though
@FinancialMadness
Жыл бұрын
Thank you for the kind comments. Yeah I have been struggling with getting the audio correct in my videos. I believe in my latest videos they have dramatically improved
@fergusproctor2710
Жыл бұрын
Thank you!
@FinancialMadness
Жыл бұрын
You are welcome :)
@itemushmush
7 ай бұрын
thank youuuuu
@FinancialMadness
6 ай бұрын
Thanks. I am glad you found it helpful
@curiousjoe395
Жыл бұрын
Great video. With Salary Sacrifice, does your pension provider still fetch the extra 20% from HMRC? I assume not as you never paid any tax on this...
@FinancialMadness
Жыл бұрын
No it will not..Your salary by definition is lower and therefore you would automatically pay less Income Tax. So there is no need to fetch the extra 20% relief if you are a higher income earner
@nicobass1966
2 жыл бұрын
Thank you
@FinancialMadness
2 жыл бұрын
You're welcome. I am glad you found it useful
@aashishlimaye5037
Жыл бұрын
I am really struggling to figure if the pension is any good, if I am not sure whether I will be in the UK after 5 years. Would you be able to shed some light on that please?
@mohamedpatel3978
Жыл бұрын
Good video but doesn't take into account the lower threshold for pension contributions of either £120 per week or £6240 per year. Wouldn't the pension contributions be reduced?
@angrymuffinsb
Жыл бұрын
I feel so thick. I still don’t fully understand. I have a company car. How will that affect it?
@daadirabbi
2 жыл бұрын
Thank you for your information but I've a question about this topic I pay every each month Auto Enrol SE ERs And Salary sacrifice where these money goes?
@ChristopherAtkinson-qz2fk
Жыл бұрын
How does salary sacrifice affect what you receive from Universal Credit?
@FinancialMadness
Жыл бұрын
Salary sacrifice can affect the amount of Universal Credit you receive in the UK. Universal Credit is a means-tested benefit that is based on your income and capital. If you participate in a salary sacrifice scheme, your take-home pay will be reduced in exchange for receiving non-cash benefits, such as a company car or a pension contribution. The reduction in your take-home pay will lower your taxable income, but it will also lower the amount of Universal Credit you receive. This is because Universal Credit is calculated based on your net income after tax and National Insurance contributions, which will be lower if you participate in a salary sacrifice scheme.
@amoh5968
Жыл бұрын
I don’t think you are explaining correctly. When you’re take home is reduced then you will get more chance of increase in universal credit. I request please double check the facts before your advice financially
@Demetha_Khuba
Жыл бұрын
Hi, nice video! With regards to salary sacrifice and calculating tax and NI contributions based on the amount left over after taking out the salary sacrifice amount, does that apply only if using salary sacrifice for pensions contributions, or is that the same principle if the salary sacrifice is being used for another type of benefit such as health insurance?
@TheNinjasDen
2 жыл бұрын
Hi mate, can you please explain how Sal Sac would work for high rate tax payers? Apparently you don't need to bother with HMRC tax forms? Many thanks.
@Jjshah90
2 жыл бұрын
Do the reduced NI contributions affect state pension? As in could it mean you might not have made enough contributions once you reach state pension age? Many thanks.
@mrbitss4u
2 жыл бұрын
Thanks, very useful video. I have a questiion and it will be very helpful if you can answer it. Can i sacrifice my salary for higher study? If, yes what is the process and the how the employer can pay the fee to the institute? Thanks in advance.
@FinancialMadness
2 жыл бұрын
Thank you for the kind comments. Yes it is possible to sacrifice for higher/further education. But it will have to be a benefit your employer provides. I would suggest speaking to your employer to understand the full list of benefits they offer under salary sacrifice, as it can differ
@mrbitss4u
2 жыл бұрын
@@FinancialMadness Thank you so much. Much appreciated.
@ericmarillier2005
Жыл бұрын
Thanks for the amazing content. I'm trying to link Salary Sacrifice to you other stream on Higher Income Tax Bracket. If you pay your pension through Salary Sacrifice is there an opportunity to claim the extra tax relief, 20% boost you mentioned?
@mscampbell7952
2 жыл бұрын
Please can you do a Scottish example 🙏
@FinancialMadness
2 жыл бұрын
Sure and thanks for the suggestion. I've made a note of it. And will look to create some content on the matter. Watch this space :)
@gaylevernon6528
Жыл бұрын
Would love to see this too please.
@FinancialMadness
Жыл бұрын
Hi, Thanks for the suggestion. A Scottish Example of Salary Sacrifice will be releasing tomorrow. This link will be available soon for you to watch studio.kzitem.infoCAXzBZM0M5g/edit
@abbicampbell3433
2 жыл бұрын
I tried to work this out for myself and my take home with the salary sacrifice is less than without. Has this happened to anyone else?
@FinancialMadness
2 жыл бұрын
Interesting. Fancy sharing your working out with me? I can take a look You can email me at financialmadness1@gmail.com
@cx6894
10 ай бұрын
No clue why anyone would want to do this? You can't guarantee how long you will live, and inflation will eat it away. You can't pull out all the pension all at once. You also can't guarantee you will even get your pension back, what if the government/company goes bust? Better to spend your salary and live your life, or better yet go make more money by making businesses, houses to rent. Convince me otherwise.
@Chris-yv6xy
4 ай бұрын
1. Inflation is a risk but if your pension is invested wisely it should hopefully keep up with/outstrip inflation 2. You can pull out all your pension out at once (current age 55) but will result in 75% of it being taxed at relevant rates after personal allowance is used up 3. Most workplace pensions are run by pension providers so if your company goes bust you still have your pension. If the pension provider goes bust I think you should be able to claim from FSCS 4. You can take 25% of your pension tax free from age 55. 5. Very efficient way of saving tax, especially if a higher (40%) or additional rate (45%) tax payer.
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