changing job and 2x part-salary payments

dd785

Hi there, I'm a first time poster so be gentle!

I am due to change jobs part-way through the month and will therefore have a part-salary from my previous employer and part-salary from the new employer.

When should I be able to get my p45 from my previous employer? The day I leave?

The main reason I ask is that I am concerned I will get emergency tax, pay too much in the 40% bracket or actually not pay enough and then get stung for it later down the line. I actually have no clue how this will work :rotfl: so any input would be really appreciated!!

Thanks!!!!

[Deleted User]

Did you get that you would get part a month's wage in writing from new employer? - it really pays, excuse the pun, as recent experience taught me an employer thought it ok not to pay for the fullest of 6 weeks when starting mid month... (yeah I've no doubt the cut off excuse would have been used to explain the misery)

P45 usually comes when you have your last payment from the finishing employer as far as I remember and isn't supplied on demand in most cases

Savvy_Sue

The P45 is likely to be issued with the final payslip from the employer you're leaving. Normally they're generated as part of the normal payroll process, so I wouldn't expect you to get your final part month salary or your P45 until your normal pay date.

It would be worth checking with your new employer what their cutoff date is. I know, for example, that I've got to submit all payroll information for May by 13th. Anyone starting after that date, or not sufficiently organised to return all the forms I need promptly, can't be paid until the end of June - although we would consider giving an advance if asked.

As for the tax, the new employer should give you a 'new starter' form of some kind, and if you say yes to "this is now my only job but I have had another one this tax year" then the tax should be more or less right, and fully correct itself once you submit your P45.

chrisbur

Savvy_Sue wrote: »

As for the tax, the new employer should give you a 'new starter' form of some kind, and if you say yes to "this is now my only job but I have had another one this tax year" then the tax should be more or less right, and fully correct itself once you submit your P45.

Apologies for butting in but I would like to just add a small warning to this.
Do follow the advice of Savvy_Sue but under the circumstances just described there is a possibility that both the new employer and the old employer may make payments in the same tax month, this will result in an under-taxing for that month. Without figures cannot say how much but about £180; or more if tax involved over the 20% band.
You can check for this by looking at the month number used by each employer if they are the same the under-taxing will occur if they follow on then it will not; or at least will only involve any difference between your correct tax code and the 1060L emergency tax code used.
Any under-taxing if it occurs will be corrected when the P45 is applied but by checking the month numbers as I suggest you will know this correction is coming and it will not look like you have suddenly been over-taxed.

Savvy_Sue

Good point that I hadn't really become aware of!

moneysaver242

I agree, its actually more likely that you'll under pay tax than over pay.
In job 1 you'll get the full month's tax-free allowance, and if you complete a P46/Starter Declaration at Job 2 and tick box B you'll get another lot of the tax free allowance for the month.
So you'll underpay tax.

If you think about it, it's probably correct that you pay all 40% at the second job, as you have used up all you allowance for that month already (or all at 20%, depending on your earnings)