Is second job worth it?

Mrs_mac_2

Hi all!
I have been offered a part time job in a supermarket, which I applied for to try to help with saving, however, someone told me that with the way I will be taxed, there is no point taking the job, as I will actually be taking home pittance!

In my full time job, i work 40 hours a week, gross £310.50, tax code 944L, net £265.32.

So basically, what i am asking is, will the second job mean most of those wages are tax?
How many hours could i work in the second job before it would tax me badly?

Any helpmor advice would be great, thank you!!

nannytone_2

you will be taxes at 20% straught away.
so if you earn £10 you will receive £8 you would also pay a small amount of NI on this income as well
so its still worth it

Kayalana99

You dont pay N.I in a 2nd job so it actally works out better to have two jobs really.

You get a tax allowance (is it 10k now) so probally on your 15kish a year job you get taxed on the last 5k....taking a second job would mean you'd probally lose about 20% of your wage straight away to the tax man but without the N.I it works out better then doing over time....

I'd say its worth it personally.

sammyjammy

As has been said you don't get taxed more, it would just be like earning that extra money in your day job.

I have had 2nd jobs twice and I would say make sure you really think about whether you can manage it, it's great for a short period of time if you're short of cash but is a serious slog depending on what hours you are doing.

I worked 5-10pm five days week after a full day at work, it was so hard, I didn't have a car either so did five bus journeys a day. I also worked in Tesco which wasn't so hard, I only did 12 hours and 7 of those were on a Saturday - I left as the management were so awful and i couldn't bear the pettiness any longer. one of the bonuses of a 2nd job, if its really awful you can just leave!

kelpie35

nannytone wrote: »

you will be taxes at 20% straught away.
so if you earn £10 you will receive £8 you would also pay a small amount of NI on this income as well
so its still worth it

I thought you did not pay NI on a second job.:eek:

nannytone_2

i wasnt sure ... ive never had 2 jobs!
my daughter did and they messed her tax up and she was paying basic rate on both by the time they had finished! ( not giving her any tax alowance) it was obvious what they were doing to everyone but them!

CKhalvashi

Until you're getting to £40k in income, it won't be taxed that heavily.

Add the two together, bung the incomes in here, and see how it works out.

CK

sammyjammy

I just wanted to add that it's not strictly true that you don't pay NI one a second job. Each job is treated separately for NI so if you earn less than £146 per week then you will not pay NI but if you earn over it then you will.

Marisco

Also fill in a P46 form and give it to your second employer, to make sure you pay the right amount of tax. Don't do what we did with oh's job and assume that HMRC knows about it!! It wasn't a second job, but I think it might work the same way, he had a private pension and a part time job, we just assumed that HMRC would know, so he had a bill of 2000 quid for underpayment of tax!! It was further complicated by the fact that he had the state pension as well!! But it won't do any harm to phone HMRC and find out, far better than to be bit on the bum further down the road!!

Horseunderwater

NI can be payable on the 2 jobs. You have to earn over the NI limit on each one which this year is £149/week not £146 that was last year.
The personal allowance this year is £9440 or code 944L for your main job and a 2nd job should have code BR which is taxed at 20% - so still worth it to accrue savings. £10k PA comes in April 6th 2014.

Cate1976

I don't know if it's still allowed but I had 2 jobs July 2000 - February 2002 and for the 01/02 year I was able to split my tax code between the 2 jobs.. I asked the tax office I was registered with if I could do this due to being taxed at BR on my second job in 00/01 year and being given wrong information by my local tax office as to how I had to claim the excess tax paid back, (went to nearest tax office to where I was living and they told me I had to travel to tax office I was registered with to claim it back, this was with me living in Skegness and tax office used by main job being in Glasgow).

If you look on HMRC website and click on employees, you might be able to find out if splitting tax code between 2 jobs is possible. Even if it is, you may still pay too much tax, I did.