second job tax q's

TammyBright

Hello all,

Not sure i'm posting in the right place?


I'm after some advice about starting a second job. I work in a NHS job earning 31500 a year, we brought a flat in Sept and ever since i've been skint - trying to pay off a loan and a cc as well.


So, my decision is to get a second job, so my f/t wage pays mortgage, bills etc as well as loan and cc payments - then my second job gives me a bit of pocket money.


My question how much tax will I pay on my second job?


Main job - 31,500 annual income tax code 787L CUMUL


Second job - 10 hours at min wage (10 x 6 x 4) 240 a month - what amount will I pay tax??


Thanks in advance!!

spendingmad

I think you will be paying full tax on the extra income so 22% (i think, approx) so you will come out with £187 per month in your pocket.

AMILLIONDOLLARS

Both wages are added together by the taxman, unfortunately this can result in pushing you into the 40% bracket. They will then do a calculation on this basis. Your second wage slip will carry a coding of either BR or DO.

40% Bracket for 2012/13 Tax year is £34,371-£150,000

Looks like you're borderline for 40%, try not to do any overtime!!!!

AMD

anniecave

Listentotaxmanwebsite says £192 per month on £240.00 per month.

As pointed out above, you may get pushed into the higher rate tax bracket, but it's only just.

We're already in May (6 weeks into tax year) so you may well stay within the basic rate anyway.

woohoo_postingid

AMILLIONDOLLARS wrote: »

Both wages are added together by the taxman, unfortunately this can result in pushing you into the 40% bracket. They will then do a calculation on this basis. Your second wage slip will carry a coding of either BR or DO.

40% Bracket for 2012/13 Tax year is £34,371-£150,000

Looks like you're borderline for 40%, try not to do any overtime!!!!

AMD

Not quite as you need to factor in the tax allowance.

You wouldn't go onto the higher rate of tax until you earn £34,371 on top of your tax allowance which is £8,105 so effectively you pay the higher rate when you earn £42,475.

Just noticed your tax code is 787L which means your tax allowance is £7879 thereby allowing you to earn £7879 + £34371 = £42,250 before you pay the higher rate.

chrisbur

TammyBright wrote: »

Hello all,

Not sure i'm posting in the right place?


I'm after some advice about starting a second job. I work in a NHS job earning 31500 a year, we brought a flat in Sept and ever since i've been skint - trying to pay off a loan and a cc as well.


So, my decision is to get a second job, so my f/t wage pays mortgage, bills etc as well as loan and cc payments - then my second job gives me a bit of pocket money.


My question how much tax will I pay on my second job?


Main job - 31,500 annual income tax code 787L CUMUL


Second job - 10 hours at min wage (10 x 6 x 4) 240 a month - what amount will I pay tax??


Thanks in advance!!

On the figures that you give you will pay 20% tax and proberbly no national insurance' however if the second job has some conection with the first job (eg same employer ) you may have to pay 12% national insurance.