Four jobs, tired dad - how to maximise income?

CHASEMOJO

I am about to start four jobs on feb 1st 2010 (1 main, 2 part-time, 1 short contract), and am wondering about how best to structure my tax affairs (i.e. Do i take the company car allowance from the three that are offering it, or ask them to pay the car allowance directly to me as salary, should i claim childcare vouchers, etc).

All of the jobs have relatively low basic salaries and one of the jobs will only last until may, but i am totally lost as to how best to maximise my final income over the tax year.

I know that it is a bit of a cunundurum but i'm hoping that one of the wiser forumites might be able to shed some light on things for me, as i am trying to save money for a deposit as i'm a single dad of two and right now were living in a studio in a not so nice part of london, after my wife upped and left taking everything.

A bit about my personal circumstances - i haven't worked over the past tax year, and have been a full-time father. Both kids are now at nursery full-time and i have a registered nanny coming each afternoon to look after them until i get home.

I have posted the salaries for each job below, in case it will help...

Job 1 - £35k basic, £5k car allowance, ote £50k
job 2 - 35k basic, £5k car allowance, ote £60k
job 3 - £6k basic, £3k car allowance, ote £25k
job 4 - temp contract £4.5k over 3 months
kids aged 2, and 4.

Thanks in advance for any advice at all!!!!

McKneff

Wow, I can understand your motivation about wanting to get on the property ladder and your dedication to provide a home for your babies, but please, please there is no substitution for time with daddy, and daddy needs time with them.

All work and no play etc.
I wish you the very best of luck................
but dont work too hard

MrsManda

It sounds like you're trying to do the best for your kids but don't work yourself too hard otherwise you'll wear yourself out and that'll be no good for you or your children.

I don't know anything about tax affairs but make sure you're claiming everything you can for your children, including Child Maintanence from your wife. Have you had a divorce settlement?

http://www.direct.gov.uk/en/Parents/Moneyandworkentitlements/YourMoney/DG_4003043

Try filling out the benefits calculator here:
https://www.dwpe-services.direct.gov.uk/portal/page/portal/ba/lp?_piref278_36249_278_36248_36248.__ora_navig=

Turtle

Sorry but I think you're having a laugh calling 35 grand a 'low' basic salary! I applaud you wanting to do the best for your kids, but they need you more than they need all that money.

Chinkle

I assume that the basic salaries quoted will be pro-rata based on your actual hours of work, what are your contracted hours for each job? How much income would that generate? Ie do you expect to be in the higher rate tax bracket? You could then make some assumptions about what your personal OTE would be for each role (I take it these are sales roles, is this something you have done before? OTE can be greatly exaggerated by companies to hook you in). Again, cos if you expect to be a high rate tax payer you might want to look at childcare vouchers, pension contributions etc to reduce your tax burden.

The main thing I would say if you are going to split your personal allowances across more than one job is to keep a close eye on your tax codes to ensure you are paying the right amount and don't end up with under/over payment issues at the end of each year.

And finally, do review your situation once working, four high pressure sales jobs when you are a single dad is a lot to take on. You will regret working all hours later in life, if its at the expense of spending time with your kids.

shaz77_2

I think the OP a little bit of a wind up merchant, two separate jobs both paying over £35,000 - yea right.