Part time job- Tax implications

Abbey418

Help required!
Having reached my 65 tax year my allowances have gone up as I am under the £22,900 limited allowed.

As things are at the moment I am coming up each month with a shortfall, not by much, but over the year it is making a dent in my savings. To rectify this I thought I would get a partime job, on the face of it seemed a good idea, however, If someone out there could check my callculation for me I would be obliged. Is it worth the effort.....

Pensions: £21,265
Partime Job: £4767

Extra Petrol required £520

It seems to me that I would end up getting less that £1 per hour for the 16 hours each week after the taxman and petrol. Am I right or have I missed something.

Pumpkinface_2

I make it that you about £3,500 better off with the part time job (or about £3k after petrol). If you work 52 weeks at 16 hours then it seem you take home just over £4 per hour.

Without job

Pension £21265
PA £9490

Take home £18,910

With job

Pension £21265
Earning £4767
Total £26032

Adj PA £7924 (= 9490 - 1/2 (26032 - 22900))

Take home £22,410

Abbey418

Thanks for that, it makes it more worth while. I had taken the tax element off of the taxable amount and not the gross amount. I may take on a job now you sorted it for me. THANKS