two jobs tax calculation

Polovski

Can anyone recommend a site that can do the tax calculations on two jobs including student loan deductions? The only one i've found so far seems to want to give me the tax free allowance twice and let me off my student loans - which would be nice:T but highly unlikely!!

Many thanks!

CLAPTON

why not learn how to do it yourself so you understand how tax etc works?

people here can tell you how it works

Polovski

Yup, that would work for me too!! Any help will be greatly appreciated. I thought I had worked it out, tried to check it using an online calculator and hey presto, I'm more confused than earlier!

CLAPTON

maybe tell us your income for the two jobs
whether you pay any pension contributions and if so how much
if you do pay pension, is the pension opted out of the second state pension scheme
any benefits in kind

Polovski

Job 1 £8237
Job 2 £13500

No pension contributions but I have student loans that become repayable at £15k earning threshold. Many thanks!

Polovski

No benefits in kind, forgot to say that!

xylophone

http://www.studentloanrepayment.co.uk/pls/portal/docs/PAGE/RPIPG001/RPIPS001/RPIPS006/REPAYMENT%20BOOK_2011_V1.2.PDF

Page 14 and 15?

amiehall

For student loan and NI it's assessed seperately (unless you do Self Assessment) and for yout income tax, you should add the two together and treat as if it was one job.

So for example, providing you don't need to fill out a tax return, no student loan contributions are due.

CLAPTON

Polovski wrote: »

Job 1 £8237
Job 2 £13500

No pension contributions but I have student loans that become repayable at £15k earning threshold. Many thanks!

One job will get the full 8105 tax allowance and the other will get a taxcode of BR meaning that there is no tax free amount and everything is taxed at 20%

your first job will have the 810L tax code and the second will be code BR (you have to fill in a P46 when you start (ticking the box saying you have another job))

NI is worked out at 12% for amounts over 146 per week or 632 per month; each job being worked out separately.

student loan won't be deducted from either job by your employers, but HMRC may write after year end asking you to fill in a tax form and may work out the SLC amount based on your combined income.

Polovski

Many, many thanks!! Very much appreciated.