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wozniakpawel / cooltaxtool

UK Tax Calculator & Visualiser
https://cooltaxtool.com
MIT License
56 stars 14 forks source link

Add company contributions for the Auto Enrolment #23

Open wozniakpawel opened 1 year ago

wozniakpawel commented 1 year ago

Quote from a Reddit comment:

Auto-enrolment might be a bad name for that input, auto-enrolment is just how you enrolled with some minimum contributing amounts The minimum contributions amounts are a total of at least 8% with 3% coming from employer on earnings between £6,240 and £50,270

Need to add support to also calculate the employer contributions, and emoployer/employee contribution percentages need to be separate inputs.

logictom commented 1 year ago

Only had a quick look so this might be covered by the above but, my pension contribution is a percentage rather than fixed amount, if that's not covered by the above, could we please get the option for percentage.

wozniakpawel commented 1 year ago

Your pension contribution will be calculated with the auto-enrolment box input which is in %, but I guess it has a terrible name. I will change that. Apparently I've not done enough research on pensions!

A new input box is needed for the employer contribution/match.

jrothlis commented 1 year ago

My employer makes an automatic contribution to the company pension. This doesn't come out of my salary, it is separate and on top of my salary. Is there a place to include this in the website? I guess it's free from tax so is essentially separate from any tax calculations. Would still be cool to see it included in the overall money received.

wozniakpawel commented 1 year ago

@jrothlis Yep, this is exactly what this issue is about!

The thing is, I actually spent a couple of days looking into pension schemes and contribution types, and I know even less than before I started my research. It turned out to be super complicated with different types of contributions, pension plan types, funding sources, and reliefs. I think I might have to consult a pension / tax advisor before doing any more work here... Or I could add this functionality and worry about the rest later.