Self employed and second job advise

zenshi
zenshi Posts: 1,116
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edited 27 November 2014 at 8:54AM in Cutting tax
I have for years been self employed, work took a big dive and I've had to take a part time job

Question is.....what's the best or easiest way to allocate my tax code? Both jobs together will be around the tax thresh hold, maybe a little over. I don't want to to pay emergency tax on second job and claim it back (as I need it now)

What's the best thing to do please?

eTA if in wrong forum, please advise
LBM.....sometime in 2013 £27,056. 10 creditors
June 20.....£7,587.....3 creditors left 72% paid

£26,200 on interest only part of mortgage (July 16)...will chip away £17,103
£49,200 repayment mortgage ( July 16) £37,764

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  • CLAPTON
    CLAPTON Posts: 41,865
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    presumably by two jobs you mean that you have PAYE job and you are also self employed


    in that case it would make sense to have you tax free allowance set against your PAYE job
  • zenshi
    zenshi Posts: 1,116
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    I do a self assessment tax form for my self employment. Have only had second job for two weeks and it's many many years since I worked for someone else, hence being very green :D
    LBM.....sometime in 2013 £27,056. 10 creditors
    June 20.....£7,587.....3 creditors left 72% paid

    £26,200 on interest only part of mortgage (July 16)...will chip away £17,103
    £49,200 repayment mortgage ( July 16) £37,764
  • zygurat789
    zygurat789 Posts: 4,263
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    zenshi wrote: »
    I do a self assessment tax form for my self employment. Have only had second job for two weeks and it's many many years since I worked for someone else, hence being very green :D

    You do a self assessment tax return for you total income.
    Any tax collected by PAYE will only be on account of your final. total liability and the balancing amount due will be collected as a result of your tax return calculation.
    If you tell HMRC to allocate all your allowances to your PAYE income then you will receive more money now but yiou may have to pay more in January 2016.
    The only thing that is constant is change.
  • zenshi
    zenshi Posts: 1,116
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    Total income from self employment and second job together will be less than my tax allowance, at least for this coming year
    LBM.....sometime in 2013 £27,056. 10 creditors
    June 20.....£7,587.....3 creditors left 72% paid

    £26,200 on interest only part of mortgage (July 16)...will chip away £17,103
    £49,200 repayment mortgage ( July 16) £37,764
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