Student Loan Repayments on Second Job

RachelBP

I just want to run this by someone who might be more knowledgable that me... having a hard time getting an answer out of anyone at HMRC or SLC.

I am aware that employers only make student loan deductions for what they are paying you - so if you earn under £15000 or whatever it is in that particular job, your employer won't make a deduction. However, I realise that the 9% owed is based on your overall income.

I have a main job paying me £28k and my employer makes deductions from that as normal. My tax code is 944L is that counts for anything. I started a second job recently, I only earn a small amount about £50 a week. If I worked all hours available I'd only ever reach £405 before tax, so I never get SL taken from this income.I have a BR tax code which I belive is correct.

I am thinking of opening an online account to put 9% into each time I get paid from this job - for when HMRC come knocking at the end of the tax year.

Is this the correct approach to take? Should I save 9% of the gross or net for this second income?

agrinnall

Do you mean you'll only earn £405 in this tax year or before the second job ends? Because for a full year £50 a week is a total of £2500.

I don't know how student loan repayment on a second job is supposed to work, but in your circumstances I think you probably should be paying it, and your suggestion to save 9% (of the gross I believe) is probably a good idea in case you do get a bill at a later date.

RachelBP

agrinnall wrote: »

Do you mean you'll only earn £405 in this tax year or before the second job ends? Because for a full year £50 a week is a total of £2500.

I don't know how student loan repayment on a second job is supposed to work, but in your circumstances I think you probably should be paying it, and your suggestion to save 9% (of the gross I believe) is probably a good idea in case you do get a bill at a later date.

Sorry I meant that I earn on average £50 a week - I started just before Xmas and my gross from that job so far is £494 but if I worked all hours available at that job (my hours vary) I could only earns maximum of £405 in any one week.

Poolie

RachelBP wrote: »

I just want to run this by someone who might be more knowledgable that me... having a hard time getting an answer out of anyone at HMRC or SLC.

I am aware that employers only make student loan deductions for what they are paying you - so if you earn under £15000 or whatever it is in that particular job, your employer won't make a deduction. However, I realise that the 9% owed is based on your overall income.

I have a main job paying me £28k and my employer makes deductions from that as normal. My tax code is 944L is that counts for anything. I started a second job recently, I only earn a small amount about £50 a week. If I worked all hours available I'd only ever reach £405 before tax, so I never get SL taken from this income.I have a BR tax code which I belive is correct.

I am thinking of opening an online account to put 9% into each time I get paid from this job - for when HMRC come knocking at the end of the tax year.

Is this the correct approach to take? Should I save 9% of the gross or net for this second income?

Repayments on a second or subsequent jobs will work the same as your primary. You need to be earning over the repayment threshold which has been rising with inflation.