TAX RETURN - 2nd Job as a consultant

SmileGirl

Hi,

I am working part time and earn £8400 gross/year – and I have started at the same time a job of consultant for a company registered in Gilbraltar and I earn £14600 gross/year.


I am paying tax on the part time job, and for the consultant job, I have to do the tax return myself.


First I have no idea how to do it – and second which of these two jobs is going to be taxed higher?


And how much tax will I pay as a consultant?
Help!

thanks!

Caz3121

your personal tax allowance is £8105 so anything over that is taxable. It does not matter if you have 1 job or 10 you will have the same allowance
On your combined income of £23k tax of £2979 will be due
If you use your full tax allowance on your part time job you will pay only £59 tax in the year and there will be no personal allowance for your other job so it will be fully taxed with no allowance you will pay £2920 tax although you may have self employed allowances that you could offset

SmileGirl

Thank you very much for you answer!

although you may have self employed allowances that you could offset

What do you mean ?

Also, I heard you were getting taxed at a higher rate on your second job...will it apply to me?

win123

Please can anyone help me - I am currently working full time and bring home 1050 per month - I need to find a second job to pay my mortgage as its gone up - I have found a job which i have applied for 16hrs at £8 per hour which will be aroud £500 per month does anyone know how much tax i will have to pay on this second job please thak you

sweetietot

win123 wrote: »

Please can anyone help me - I am currently working full time and bring home 1050 per month - I need to find a second job to pay my mortgage as its gone up - I have found a job which i have applied for 16hrs at £8 per hour which will be aroud £500 per month does anyone know how much tax i will have to pay on this second job please thak you

You will need to complete a form P46 for this job and tick box C to show you already have a job, the employer should then use tax code BR, meaning that you will pay 20% tax, approx £100 per month. You may also find that a small amount of NI will be deducted