Select Basic or Detailed from the dropdown menu. These show on-screen as:
Basic - a snapshot of the before / after salary exchange results. The summary shows your employee's net take-home pay, the total cost to you which includes your employee's salary and levels of pension contribution.
Detailed – as above but includes the additional detail of income tax and national insurance figures.
Enter your employee's full name
Enter your business name
This field is compulsory. Enter your employee's gross annual salary - the £ sign can be omitted.
This field is compulsory. Enter your employee's annual gross pension contribution - the £ sign can be omitted. This is a monetary amount, not a percentage, and represents the amount of salary your employee wishes to exchange.
Select either Net or Gross from the dropdown menu.
Select Net if your scheme is a Group Personal Pension. Income tax and National Insurance contributions are calculated on your employee's gross salary before the net pension contribution is deducted.
Select Gross if your scheme is an Occupational Pension Scheme. Income tax and National Insurance contributions are calculated after the deduction of your employee's gross pension contribution. Tax relief is therefore provided at source.
This field is compulsory. Enter the annual gross pension contribution you wish to pay into your employee’s pension plan. This is a monetary amount, not a percentage. If you’re not paying any contributions before the exchange, leave as £0.00.
This field is compulsory. Enter your employee's personal allowance for the current tax year - the £ sign can be omitted. If your employee has an allowance higher or lower than the standard amount of £12,500, this can be entered. 'K' tax codes should be input as a negative allowance - e.g. K310 should be entered as '-3100'.
Select UK (exc Scotland and Wales) or Wales or Scotland from the dropdown menu depending upon the tax regime that applies to the customer.
If you want your employees NIC savings to be invested in their pension plan select YES. If not, select NO.
If you select NO:
If you select YES:
This field is compulsory, and you can only enter a percentage between 0 and 100. The % sign can be omitted.
If you key in:
Once you’ve completed and checked all of the fields, select ‘Calculate’ to see the output.
If you need to delete all input fields select ‘Clear’.