tax on second job

mikeyc123_2

ok so i start my new job on monday. its a 35 hour contract. i am meant to be working my notice next week also so wont have left till 1 week in to my employment so wont have a p45 anyway. question is if i am to not leave my original job which has been my main job for 5 years, how do i go about sorting the tax.. i have earned aprox 3000 so far this year so i will only earn 4k- 5k on this maximum as will now be my second income. is there a way to sort it so the rest of my tax free allowance goes to my new job and i just pay basic rate on my old job and make it my second income. i hope this makes sense as i have no idea about all of this and if ive explained it properly. also will i pay the same amount of tax over all if i earned eg 6000 and 6000 if i earned 12k in one job?

mikeyc123_2

anybody? any ideas

KiKi

So are you doing two jobs at the same time??

If so:
You pay tax on your total income over the year, so it's the same as if you just earned more in one job, yes.

In an ideal world, you should assign your tax code to one job where you earn more than £8105 a year - you can just call HMRC to tell them to do that.

If you earn less than that in both jobs, then you need to just tell HMRC. Tell them how much you earn in each job, and they will sort it out for you. The easiest way is to have one job with the whole tax allowance, then the remaining amount assigned to the other job.

When you join your new organisation you will be given a form to sign to sort out tax, and you will need to tick the 'second job' box - this will also prompt HMRC to sort it out for you.

However, note that National Insurance is paid on each job separately.


If you're not doing two jobs at the same time, then your tax free allowance will just transfer to your new role.

KiKi

mikeyc123_2

hi i have earned about 3000 on the job im in now and will only be earning maximum 50pound per week on this from now so max 4 to 5 k, this is paid weekly. the new job is paid on the 12th of every month and is minimum wage at 35 hours per week so i need to make sure that some of my entitletment from my old job is moved over or i will be paying to much tax and have to apply for a rebate. if i contact them will they set my allowance in my first job to say 3000 and the rest on my new job is that how it works?

KiKi

Are you going to be doing two jobs at the same time or not?

mikeyc123_2

possibley this is why im asking the questions now rather than get stung later

mikeyc123_2

i find it hard to explain what i mean sometimes do you need me to try again or did you get the jist?

mikeyc123_2

i know if i leave my old job ill get a p45 and its all sorted but if i stay on the way i understand it is they would treat my new job as basic rate tax and leave old one as it is but in my old one i wont come close to earning 8000 so how do i go about moving some of the allowance over
just a simple phone call?

KiKi

mikeyc123 wrote: »

i know if i leave my old job ill get a p45 and its all sorted but if i stay on the way i understand it is they would treat my new job as basic rate tax and leave old one as it is but in my old one i wont come close to earning 8000 so how do i go about moving some of the allowance over
just a simple phone call?

If you are working both jobs at the same time, HMRC will simply transfer any 'spare' allowance to your new job. You don't need to tell them to do this - unless you particularly want to! They will be able to see what you're earning. However, be aware that by transferring over the 'spare' amount, your new company will be able to see that you have a much lower tax code than others, which may raise questions about the fact that you're doing a second job. Many companies don't allow you to have a second job without permission.

If you want to transfer your WHOLE allowance to your new job so your current role is taxed at basic rate, then you need to phone them and tell them to do that. So yes, a simple phonecall.

I personally find it easier to have my whole allowance against one higher earning job rather than split over two.

HTH
KiKi

mikeyc123_2

i would love to have a higher earning job but simply not the case lol easier said than done. i work in fast food and have informed my enployer i wish to leave but he doesnt want me to also,i know of other people that work there as a second job and have asked my new employer if is ok and they said it is so i would not be hiding it from either employer

scooby088

The second job will be taxed at 20%