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kati | How to make more money? |
My brother has got full time job(40 hours per week).He`s got an offer to take a part time job as an extra,what would be £500 monthly for him.
Does anybody know if his full time job will affect his part time,when they will tax it?I know they don`t take much tax from £500 (monthly),but will they take more tax from it ,if he will have another £1500 from another job?I mean when they tax your money do they put all your income together from different jobs ,or they just tax it all seperately?
Is it worth for him to do a part time job as an extra or he just should do overtime? |
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Matthew O
|
The amount of tax withheld at one job won't be affected by the second job. In the end the tax depends on the total amount of money made -- make more money, keep more money after taxes. He'll end up with more money by taking the extra job. Whether it's worth it is a personal value judgement and has nothing to do with taxes. |
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The Wandering Blade
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His income will be taxed as a whole. On average he will pay about 24% of it in tax / national insurance. |
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lisalau
 |
The government looks at all cash as the same no matter how you make it, they want their share |
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da man
 |
spread your legs |
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KEVIN B
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In America its better tax-wise to get a part-time job, because it is taxed all together, but overtime is taxed higher. |
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Steven
 |
The bad news is as soon as his National Insurance number hits the tax department he will probably go onto emergency tax code in which ALL his earnings will be set at basic rate until they have sorted out how much he will be earning over a year. Then the tax code will be set on the higher paying job for an appropriate amount and the other job will not have tax deducted.
There's no difference tax-wise between working overtime or extra hours if the cash result is the same. If the part-time job is cash-in-hand then say nothing... but don't get caught. |
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sliver
 |
sell lemonade. |
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DoYouKnowMe
|
most of the time it is better to work for overtime pay - but some companies don't pay overtime and most times it is not consistant |
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tringyokel
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From the point of view of tax it will make no difference if the extra earnings come from overtime in his main job or a totally separate job.
Everyone is entitled to a personal allowance which exempts a certain amount from tax. At the moment this is being allowed against his full time income. He will then pay 10% on a small band (£2,230) and the rest will be taxed at 22% which is currently the basic rate.
If he earns overtime then the whole of this will be taxed at 22% (because you can only have the personal allowance once). If he has the second job this will also be taxed at 22%. I'm assuming from the figures quoted in the question that he will not reach the higher-rate band.
So for tax it makes no difference. But he will in actual fact be better off by having the extra income from a separate job.
This is because national insurance works differently to tax. The first £100 per week in each job is charged at 0% so with two jobs you get this allowance twice (assuming the employers are not connected). |
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foggymoggy
 |
get a job and wrk yo *** off to the limit get a second job wrk even harder then blag money off goverment |
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childofevil2003
 |
If you want to make money all you need to do is open your legs wide and charge as high as you can..............make sure you at least look good or your business wont' be as good!! |
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