I earn 48K and have a company car,giving me a total taxable income of £60k.
I am going to be 55 soon.
Can I now pay most of my salary into my pension?
I am thinking about paying around 30K PA into my pension giving me a much smaller monthly wage and hopefully killing my 40% tax liability.
Then topping up my income by taking out the 25% tax free lump from my pension yearly.
Is this viable?
Or crazy talk?