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BR Tax
angel2010_2
Posts: 70 Forumite
in Cutting tax
Can anyone advice?
I am self employed and also currently carrying an employed contract, I also teach 2 hours per week and do some other ad hoc work.
On receiving my first months salary I had not realised the impact of BR tax, is there any way this can be reduced?
I am deducted at BR for my teaching too.
I am self employed and also currently carrying an employed contract, I also teach 2 hours per week and do some other ad hoc work.
On receiving my first months salary I had not realised the impact of BR tax, is there any way this can be reduced?
I am deducted at BR for my teaching too.
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Comments
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A lot depends on how much each income stream brings in.
Which work earns you the most? If it is the self employment, and this is more than your personal allowance, then BR for your PAYE jobs sounds right.
If one of your PAYE jobs is your 'main' job then perhaps your tax code for that should be 6475L.Who having known the diamond will concern himself with glass?
Rudyard Kipling0 -
Well the contract is only for 3 months but I guess is currently most income, I just find it frustrating as having to do some jobs just to live and the BR rates hardly makes it worthwhile doing all the hours.0
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Well the contract is only for 3 months but I guess is currently most income, I just find it frustrating as having to do some jobs just to live and the BR rates hardly makes it worthwhile doing all the hours.
It is a pain, but sorts itself out in the end.
I do some HGV driving on an agency during the winter, to supplement the quiet time on the farm contracting side, and have all earnings from that taxed at BR. Once you fill your self assesment form in it balance itself out, i.e. this year I've had a refund off them:T0 -
everyone pays tax at 20% (or 40%) once their earnings are over 6475 per annum.
you do benefit from paying no or little NI on the additional earning however.EU tariff on agricultual product 12.2%
some dairy products 42.1% cloths 11.4%
EU Clinical Trials Directive stops medical advances0 -
Some people do get their tax codes changed so that their personal allowance is split between 2 part time PAYE jobs, or get the personal allowance put into their main job, then change it when their hours change. It might not be worth it for 3 months' work: did you fill in a P46 when you started That might have got you onto the 647L tax code.
As farmerboy says, when you complete the tax return for FY 2009/10, it will all get sorted out. It may mean that less tax will be due then as you will have already paid it. Unless your total income for 2009/10 is expected to be under £6,475 then BR is probably the best option.Who having known the diamond will concern himself with glass?
Rudyard Kipling0 -
Well the contract is only for 3 months but I guess is currently most income, I just find it frustrating as having to do some jobs just to live and the BR rates hardly makes it worthwhile doing all the hours.
I know what you mean, but you should be in the same position as if all your earnings were from the same job.
If you already earn your personal allowance in another job, then BR is right and the tax you're paying is the same as it would be if you were earning that amount from the other job.
Put another way .... we are all on BR for that part of our earnings that exceeds our personal allowance.
HTHWarning ..... I'm a peri-menopausal axe-wielding maniac
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