Student / Self Employed / PAYE??

gedgino

Hiya, long story...

I worked for local council as a SELF EMPLOYED Care Worker full time. However with cuts etc, in november i was informed that the scheme was being cancelled in the near future...i had to make a difficult financial decision, but went back to University FT as a trainee Learning Disability Nurse. I am entitled to a bursary and a small loan however i have to work to provide for my family.

In the meantime i applied for an agency role on NHS bank (PAYE) and the rate of pay isnt great shakes. ( i have done my induction but not started working yet).

However the original job i done (Self Employed) seems to be carrying on a lot longer than we were told...and i have carried this on a part time basis. the hourly rate is much better in this job.

I have been told that it may end soon but not sure when...when it does i will be employed at a lower rate of pay (similar to NHS £7PH) for a charity.

So my worry is i'll be doing PAYE for NHS, Self Employed for council and PAYE for charity all at once...will this mean i pay a much higher rate of tax?

I want to work but have to spread myself thinly with being a student, but dont want to kill meself working and then being taxed all over the place.

hope this makes sense and any advice will be brilliant.

ta
ged

harrys_dad

Well your total tax for the year will eventually be worked out on the basis of what you earned in that tax year, however you earned it. I suspect that you will be taxed at normal rates for the job(s) paid on PAYE but when you submit accounts for your self employed job at the end of the tax year you will then need to pay 20% tax on all of that (unless your total earnings take you into the higher tax bracket) as all your tax free allowance will have been used on your PAYE job.

One thing about income tax, the more you earn the more you pay. I wished I earned enough to pay £100,000 income tax a year

Savvy_Sue

You'll need to keep good records: if you know you'll earn more from Job A than from Job B, you should ask to have your main tax code set against that (usually 944L this tax year). Then you should make sure you've got code BR against Job B, and you'll be taxed at 20% there. If you're not earning as much as £9440 in either job, then your code can be split, but that's more difficult to predict if you're not earning the same amount regularly.

You shouldn't pay more tax than if you earned the same total amount from one job: you may in fact be better off because you may pay less NI - that's calculated per job, not on your total income.

Dunroamin

You won't be paying any more on the income from 3 jobs than if you were earning the same income from one.

gedgino

thanks everyone!!!

how will affect my tax credits (wife and i have one child and another on way)... i am down at the moment as self employed. cheers