new job tax advice

catalepticstate

Hi all,
I was self employed for two years and I worked from home.
I recently claimed working tax credits in Jan 2011.
I have an accountant who sorts out everything.

But since work has been falling, I have been applying to jobs.

I have a job now, and will be starting next week, I will be paid monthly in arrears.
£22,500.00 for 6 months probation then extended to 25k

I wanted to know:
After tax how much will I be earning?
How much tax is deducted?
How can I reduce the amount of tax being deducted?

Do I now get rid of my accountant? As everything is going to be done through PAYE?

What do I do about my working tax credits?

My last full time (proper) job was over 4 years ago and everything was done.

:j

jem16

catalepticstate wrote: »

I wanted to know:
After tax how much will I be earning?
How much tax is deducted?

Enter your details here.

http://listentotaxman.com/

It won't be totally accurate as wer are so near the end of the tax year but it will give you an idea for next month

How can I reduce the amount of tax being deducted?

Pay into a pension scheme.

McKneff

Re the accountant, ask him for a final account for all the work he has yet not been paid for, pay him. Job done.

As for the tax, I'm sure others will be along to help.

And congratulations on the new job:j

taxing

catalepticstate wrote: »

Hi all,
I was self employed for two years and I worked from home.
I recently claimed working tax credits in Jan 2011.
I have an accountant who sorts out everything.

But since work has been falling, I have been applying to jobs.

I have a job now, and will be starting next week, I will be paid monthly in arrears.
£22,500.00 for 6 months probation then extended to 25k

I wanted to know:
After tax how much will I be earning?
How much tax is deducted?
How can I reduce the amount of tax being deducted?

Do I now get rid of my accountant? As everything is going to be done through PAYE?

What do I do about my working tax credits?

My last full time (proper) job was over 4 years ago and everything was done.

:j

You need to speak with your accountant and get this all sorted out.

You have a self employment and an employment, both in the same tax year: your tax affairs are not straight forward and you will need your accountant's help to finish off your committments under self assessment re your self employment.

Don't expect things to run smoothly under PAYE at first - you are likely to pay emergency tax for the rest of this tax year but as you were self employed for part of the year that 'extra tax' on the emergency code will go towards reducing what what you will have to pay in January 2012 when your self assessment tax is due.

If you think you may have made a business loss in this last year, then all the more reason to speak asap to your accountant as maybe you can get that loss quantified and get some tax back now...by claiming it against 2009/10 income.

If you needed to make advance tax payments for 2010/11 those will need to be reviewed too...

And, have you told the Tax Credits people of your change in circumstances - you are required to. Do that asap. They give a phone number on all their paperwork - call them.

Congrats on the job.

catalepticstate

Thanks for the congrats

I have contacted the accountant and told him about the job, once the contract came thru.

I will have to tell the tax credit people on Monday about the cancelling of tax credit.

I paid whatever tax was owed back at the end of Jan

Thanks all