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J | How much tax should I be paying after I have earnt £5000? |
I have two part time jobs, (both declared, above board...etc etc) and on one I dont pay any tax, the job pays me £4500 a year.
On the second job, I have for the last tax year been paying 22% tax on everything I earn from the second job, the totla pay for the second job is also around £4500.
Both jobs are no frills minimum wage jobs. (either £5.05 or £5.35 an hour)
This makes my total income £9000 to £10000. Does anyone know how much tax I should be paying? is it automatically 20%?
Is this tax year different with the amount you get taxed or how much you can earn before paying 22% than the previous year?
I am asking this as I have just been given my P60 by my boss and it shown £315 tax I have paid over the year. My bank statement came through and it shows I am in debt £300. This money would be a Godsend if I were able to claim any of it back! |
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suerye
 |
You need to send your P60's from both jobs to your Tax Office (or go in and see them), no need to fill in a form. Just tell them these were your only jobs in the year and ask for a refund.
In order to prevent this happening again, you need to ask HMRC to allocate your unused personal allowances from your main job to your second job. For instance, if you are earning 4500 in your 1st job and have a personal allowance of 5225, you don't need 725 of those allowances at your first job. HMRC can issue a code number to the 2nd job allocating the 725 there.
You would then get the 1st job tax free as now and have the 1st 725 of your 2nd job tax free, with the balance taxed at 10% and then a bit at 22%, rather than the whole lot at 22%.....saves you having to make a reclaim at the end of the year. |
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Is Dave Curious?.....
 |
you can earn this tax year 5,225 tax free, so, if you have earned £10,000 the first £5,225 will be tax free leaving £4,775 with a tax liability. the way the tax is applied to the remainder is that starting rate tax (10%) is applies to the next £2,150, so a tax liability of £215 so, the £5225 + £2,150 (7,375) has a tax liability of £215. the next band is 22% so 10,000 - the £5,225 - £2150 = £2625 which is taxed at basic rate (22%) £2625 @ 22% + a tax libility of £577.50 so your total tax should be on £10,000 £215 + £577.50 which equals £792.50 for this tax year! hope this helps?? It looks like you have underpaid tax by £477.50, this may have come about because both jobs have thought they were your only job and you have had two nil rate tax allowances so the £300 is an underestimation and you may have to fil in a tax return form as it is difficult for employers to work out PAYE (pay as you earn) tax as they both assume they are your only employer and, because of data protection laws, one can not inform the other of toue employ and there fore tax is due at a higher rate as both have assumed a nil rate band. I hope this makes sense! |
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MPatrinos
 |
Your tax is calculated across the year from 1 April to 31 March.
You should have a tax code on your payslip and P60 which should be something like 450L - this means that your tax free allowance - the amount you can earn before paying any income tax is about £4,500. Check with your tax office for the correct amount.
In 2006-2007 tax year, you should have paid the following:
10% on the first £2,150 above your free allowance
then 22% on the next £2,150 to £33,300 over your free allowance.
However, any second job is taxed at your highest allowance for all of its income, so you are in fact disadvantaged by having 2 part-time jobs. i.e. the thresholds become meaningless.
You'd be better off going full-time on one of the jobs and then you'd pay less income tax on your total income as it'd be classed as one employment.
Also, given your low income and not knowing your other circumstances, you might want to investigate Tax Credits which are rebates for people in particular circumstances such as families and/or older people. There is an eligibility checker on the HMRC site referenced below.
Contact your tax office, Citizens Advice or have a look at the resources below. |
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Kingsley S
|
The short answer is that you could ask your Tax Office for a Tax Return for 2006/07. If you fill in that, using your two end-of-year P60 forms, and give it to them by September 1st, they will calculate the correct tax dues and refund you any overpayment (or demand underpayment). Do it after that date and you have to do the calculations yourself.
The long answer is;
Most payrolls make an assumption that, over the year, your wage will stay about the same, and deducts tax on that basis (using PAYE - pay [tax] as you earn). Your first job, paying about £4500 per year, should not normally result in you paying income tax because you (and all UK taxpayers) have a "personal allowance" of untaxed income. This is given by your "tax code", which should be on your payslips and looks something like '503L'. This is your personal allowance (divided by 10) and a letter to represent your personal circumstances from a tax viewpoint.
Provided your other employer knows this is a second job, you'll usually be treated by the payroll there as needing to pay tax in the 'middle band' of 22%, as it assumes you'll have used your Personal Allowance in Job 1.
Overall, UK income tax rates for 2006/07 were;
Personal allowance (up to £5035) - 0%
Next £2150 - 10%
Next £31150 - 22%
Then - 40%
So, if your total income was £10000 your income tax dues were;
5035@0%=£0
+ £2150@10%=£215
+ £2815@22%=£619.3
=£834.30
All circumstances are different. Use the link provided to check, including your Tax Code if possible.
Note that National Insurance - which is just another Income Tax but with a less abrasive name - goes on top of this at about 11% after the first £5035 of earnings; so that should be another £10000-5035=£4965@11%=£546 altogether. |
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mark747
|
Why don't you call Inland Revenue? Do they have a website or a tax guide you could request? |
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mowerman
 |
your pay is a disgrace, no wonder when i put a job on offer on gumtree i got 15 replys and some great people to work for me and i was only offering £6-70, i thought that was low but not now you must work for tesco now wonder they own half of the country, good luck on the tax thats why us self employed pay an accountant |
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dave
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Put your details in here
http://www.listentotaxman.com/
Depending on your circumstances, you should also look at tax credits
http://taxcredits.direct.gov.uk/what.html |
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James B
|
Try using this income tax calculator, it will tell you if you have overpaid tax:
http://www.taxfix.co.uk/income-tax-calculator.html |
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now_follow
 |
erm i thought u dont pay tax until u earn a certtain wage...more than 5000 |
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♥Brittany♥
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i don't know. maybe $1000? |
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