Increase Take Home Pay | Salary Sacrifice Explained (Scotland)
Channel: Financial Madness
Date: 2022-10-30

Increase Take Home Pay | Salary Sacrifice Explained (Scotland)

We are going to be looking at Salary Sacrifice in Scotland and how it can be used to increase your take-home pay while still keeping your Pension Contributions stable! 
Now I have done a video on Salary Sacrifice before (link below). Still, I did mention because Scotland has slightly different tax rules, the examples I provided in that video wouldn't be applicable. So that's what we will be doing in today's video!

Salary Sacrifice or Salary Exchange means you give up a proportion of your Salary, not because you want to earn less money, but you do it as part of an agreement with your employer in exchange for a non-cash benefit. These benefits will vary from employer to employer from company cars, and life insurance cover, however, the most common one, and the one we will be focusing on in this video will be Pension Contributions.  
As the name suggests you do need to earn a Salary to take part in Salary Sacrifice so this will only be applicable if you are employed and not if you are self-employed.

Chapter Information (Increase Take Home Pay | Salary Sacrifice Explained (Scotland)):
0:00 Introduction
0:32 What is Salary Sacrifice?
1:10 How does Salary Sacrifice Work?
2:02 Why Salary Sacrifice?
3:12 Defined Benefits - Salary Sacrifice
3:46 Salary Sacrifice Scottish Calculator
7:42: Pros
8:46 Cons

🔹Scottish Salary Sacrifice Calculator: https://docs.google.com/spreadsheets/d/18QTx5By9Q2jlqCjoIYFTa0ahpage6E1AJ4rPtkvJgD8/edit?usp=sharing

🔹 Salary Sacrifice Rest of UK Video: https://youtu.be/CAXzBZM0M5g

DISCLAIMER: Any advice or statements perceived to be advice given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice. 
You are fully responsible for your financial decisions. If you are in need of any Financial Advice, please seek out a professional advisor. If you are unsure how to do this, please feel free to reach out to me and I am more than happy to guide you.

#salary #scotland #salarysacrifice