Second job tax code?

jem16

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**

Cheer Jem.

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

Thats it. Thanks.

tigtag02

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)

bronco

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**

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

jem16

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**

Thanks Jem,

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

jem16

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**

Cheers jem,

Thats my code. So thats good news.

Thanks again

westoverg6

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.