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XPINKX | How much tax will I be charged if I work a part time job aswell as my full time job? |
Additional Details
im in UK and work full time- 40 hours a week
my part time job will be about 30 hours a week
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 |
 
steffi
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You are taxed on monies earned, not hours worked. As you are asking in the future tense, I am answering for the 2008/2009 tax year, which starts on 6th April.
Your personal allowance of £5435 will be set against earnings at your main job. At the wage levels you have quoted, the rest of your earnings at main job will be taxed at 20%. Your second job will also be taxed at 20%, at the rates you quoted, you won't come into 40% bracket. When you start second job, you must not sign form P46, and employer should deduct tax at Basic Rate (20%).
For National Insurance, you will get the weekly/monthly exemption at both jobs. NI will be taken at each job independently.
If you want estimate of liability, look at www.listentotaxman. Make sure it is for the correct year, and do two calculations, one for each job, remembering to show 0 tax allowance at second job. Then add tax and NI figures together. If you put the total pay of both jobs in, you will get an incorrect figure for NIC. |
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mark
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You'll pay tax on everything you earn in the second job as you'll have used all of your allowance on your first job...
.. blimmin 'eck .. I just re-read your Q! My answer still stands, but are you really going to do 70hrs a week!! That's a lot of hours - don't burn yourself out....
[Edit] - with the figures you talk about, you will be getting taxed at the LOWER rate (not 40%). But you WILL pay tax on everything at the second job you as you will have used your tax-free allowance on the first job. I know, as I have worked at a software company that does payroll software. |
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purplemoon0101
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The income tax you pay is determined by how much you earn, regardless of how many jobs you have. If tax is being deducted at source (i.e. from your monthly salary) then your tax-free allowance will be applied to one job.
Your tax free amount for the tax year 2007/08 will be £5,225. The rates of tax on income above that level will be:
10% on £1 to £2,230
22% on £2,231 to £34,600
40% on income over £34,601
See link:http://www.thesite.org/homelawandmoney/askthesiteqandas/moneyqandas/joyoftax |
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noeusuperstate
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Aa a simple calculation allowing for the changes in tax law you can earn upto £36,000 pa at the 20% rate. But you also have to allow for N.I. contributions which are in fact 11% on the level of earnings you will be achieving. That is a marginal rate of 31%.
You do not say if your 2nd job is prorata or if you enjoy any benefits in kind on your first job, making some assumptions about the number of weeks you will work you can calculate as follows.
£5.52 x 30 x 48 =£7,948.80 gross - 31% = £5484.67
Or £114.26 per week.
In practice the HMIRC will see both jobs as running concurrently and will look at total earnings so your tax code will alter so you may actually get more in your second paypacket than I have said but less in ist paypacket this is because of P.A.Y.E. (pay as you earn) is calculated to produce a single tax code for the year.
If you do less weeks in your 2nd job then you will pay less tax but will have to wait until the end of the tax year to get it calculated because HMIRC will assume you are working this 2nd job full time as well (full time is over 24 hours a week)
If I may suggest a better way of increasing your income is to try to get overtime where you are currently working as this involves less travel so less cost and time and also at time and a half rates based on the information supplied above would take you about 10 hours a week to earn what you will earn in the 30hours a week at your second job.
So two extra shifts at your current employment will earn you more. Ask what is available before taking this 2nd job. |
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jamesdean2002uk
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YOU`L PROBABLY FIND ITS NOT WORTH IT............ |
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largslassie
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You get a personal allowance of £5400 then you pay 20p in the pound on everything above that. |
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Ross F
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basic rate 25% |
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katt121
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Either a full 20% or 40% on the whole lot depending if you are a basic or full rate tax payer ( 40% > 40k ( approx) per year) |
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