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cinilak | I intend to work 2 fulltime jobs. One I do now is at 15K, the new one is 18k. What tax will I be paying? |
Both jobs are web related, and the second is web based entirely.
Do I have to inform my current employer?
Do I have to inform my new employer of this?
What this might implicate?
Thanks. |
 |
 
Paul S
 |
ok heres how it works. in the eyes of the taxman, he is interested in your total earnings for the year no matter how many jobs you have.
in order for him to collect the tax and NI due, he issues you with a tax code for each employment.
for your current employment of £15k, you should have a code of "522L", this code takes into account your personal tax free allowance of £5225 for the 2007/08 tax year. therefore you are only getting taxed on say £10k of you current salary of which approx £2k of that is taxed at 10% and £8k is taxed at 22%.
now for your second job. any earning from there are on top of the £15k you are already earning, therefore this will fall into the 22% band, therefore the taxman will issue you with a code for this second employment which should be "BR" for basic rate of 22%. This means you will be paying 22% of £18k in tax on the second employment.
your new employer should give you a P46 form and you need to tick the box to say that this is not your only employment in order for the taxman to give you the correct code for your new employment.
your current employer does not need to know about your new employment and will never know.
your new employer may have an idea from the P46 form you fill out and the BR tax code, but does not need to know anything else about what you do etc...
hope this helps |
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88
|
At the end of the year when you file your taxes, you will pay taxes on the full amount of your income, 15k + 18k = 34k of income.
It is not necessary to inform either employer of the other. However, you do not want a conflict of interest, for example if the two employers were competitors and you worked for both. This would be unethical. Otherwise, if you are able to perform both jobs adequately, there is no need to notify either employer. |
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c.willmore@btinternet.com
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One job wil be on normal rate tax (22%) and the other on basic rate (unsure exact amount). You will need to let the second job know that it is not your only job and not your only source of income.
You will pay approx £630 in tax and NI between the 2 incomes per month.
You probably need to let your current employer know, especially as it will be in a similar field of work, your contract might even state you can't do another job at the same time, and if they find out you will be dismissed. |
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babybro35
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You don't have to inform either employer of anything unless one is going to infer with the other job. As for the taxes.... your payroll is handled by the company. Just because you are now working two jobs doesn't mean you are going to get more taxes taken out of you pay.
P.S. someone once told me as a rule of thumb when trying to figure out how much you are going to have taken out of your pay by taxes is to divide it by 33%. |
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Boiled Egg
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When will you go to bed? Never mind how much tax you'll pay. |
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leoxxx
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do you really want to do two full time jobs thats made, note the word FULL time job, so to do two is gready. and will be hell i think and very impossible. |
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Channel "0"
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Get an accountant and go ltd company that way you pay little tax and enjoy the fruits of your labour! |
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jackie m
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you have to let the tax office know so they can adjust your tax code, you dont have to inform anyone except the tax office - I was told this during an interview yesterday for an evening job and they told me it doesn't matter if I have a day job. The evening job was with the Tax Office. |
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cracker jack
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The only people i would inform are the tax office, you will pay more tax on your second job though. Two full time jobs is gonna be a lot of hard work but good luck. |
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