Second job tax code?

245678

Comments

  • jem16
    jem16 Posts: 19,397 Forumite
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    NewbieMoneySaver** wrote: »
    I'm currently on £30,000 in the Royal Navy. I would also like to start doing a taxi Job on the weekends. How will this effect my earnings?

    Sorry clicked thanks instead of quote.

    Your earning will not be affected. You will pay BR - basic rate at 20% - on all your taxi earnings.
  • NewbieMoneySaver**
    NewbieMoneySaver** Posts: 400 Forumite
    Cheer Jem.

    So on say £100-£200/week I would get taxed £20-£40/week.

    Thats it. Thanks.
    :oCurrent Debt £38,000:o
  • tigtag02
    tigtag02 Posts: 6,857 Forumite
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    NewbieMoneySaver** wrote: »
    Cheer Jem.

    So on say £100-£200/week I would get taxed £20-£40/week.

    Thats it. Thanks.

    If you made £200 a week at your 2nd job then you would be into the 40% tax bracket.

    The threshold is £34,600 (+ your personal allownce)
    :heartpuls baby no3 due 16th November :heartpuls
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  • bronco
    bronco Posts: 39 Forumite
    NewbieMoneySaver** wrote: »
    Hello everyone,

    I have to join in this thread ans ask a question.

    I'm currently on £30,000 in the Royal Navy. I would also like to start doing a taxi Job on the weekends. How will this effect my earnings?

    Hope its ok to ask.

    being in the navy you have to ask if you can work off base
  • NewbieMoneySaver**
    NewbieMoneySaver** Posts: 400 Forumite
    bronco wrote: »
    being in the navy you have to ask if you can work off base

    Yes I know that and I'm going to ask them when I get back to work next week.

    What happens with my tax when I'm in the next tax bracket?

    Cheers
    :oCurrent Debt £38,000:o
  • jem16
    jem16 Posts: 19,397 Forumite
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    NewbieMoneySaver** wrote: »
    What happens with my tax when I'm in the next tax bracket?

    The part that it is into the 40% tax bracket would be taxed at 40%. You may need to fill out a tax return to make sure you are paying the correct tax. How will you be paid for your taxi work - under PAYE or will you be self employed?
  • NewbieMoneySaver**
    NewbieMoneySaver** Posts: 400 Forumite
    Thanks Jem,

    I will be self employed. When you say 40% is the 40% from £40.000 and above
    :oCurrent Debt £38,000:o
  • jem16
    jem16 Posts: 19,397 Forumite
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    NewbieMoneySaver** wrote: »
    Thanks Jem,

    I will be self employed. When you say 40% is the 40% from £40.000 and above

    If you have a normal tax code of 543L then it's inocme above £41,435.
  • NewbieMoneySaver**
    NewbieMoneySaver** Posts: 400 Forumite
    Cheers jem,

    Thats my code. So thats good news.

    Thanks again
    :oCurrent Debt £38,000:o
  • westoverg6
    westoverg6 Posts: 3 Newbie
    NewbieMoneySaver** wrote: »
    Cheer Jem.

    So on say £100-£200/week I would get taxed £20-£40/week.

    Thats it. Thanks.

    You may already have considered this, and apologies if you have, but remember that although you may be collecting up to £200/week in fares you will have a variety of expenses - petrol, insurance, car maintenance that should be deducted from the fares before they are considered as earnings and subject to tax.
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