Cutting my hours down at work

kingrulzuk

I work full time 50 hrs a week and earn around just under £21000 a year.
I’m thinking of working 37 hrs a week where I will be earning just under £16500 a year and my employer is ok about it.
My tax code is S1100L is there any other savings I can get if I earn under £16k?

Thank you

edinburgher

You will avoid income based student loan repayments if you are a graduate?

TheTracker

Find a job where you can earn £21k for 37 hours. Move up rather than cutting back.

kingrulzuk

Thank you all

AlwaysLearnin

Potentially more tax free interest on savings:

https://www.gov.uk/government/publications/abolishing-the-10-rate-of-tax-on-savings-income-a-fact-sheet

teddysmum

AlwaysLearnin wrote: »

Potentially more tax free interest on savings:

https://www.gov.uk/government/publications/abolishing-the-10-rate-of-tax-on-savings-income-a-fact-sheet

Surely not.


You can earn up to £16000 (ignoring the new £1000 savings interest allowance for all basic taxpayers) of which up to £5000 is savings interest. The OP expects to earn £16500.

AlwaysLearnin

Yes, but OP also says "is there any other savings I can get if I earn under £16k?", so I thought maybe pension payments etc might Be making < £16k - I did say "potentially" .

Trackers suggestion is obviously the much better route if possible though.

Westie983

Punch your details into

Calculator

It will let you know what if or what you are entitled to, based on the income, you provide, you can then juggle the amount and see what happens to the result.

bigadaj

Westie983 wrote: »

Punch your details into

Calculator

It will let you know what if or what you are entitled to, based on the income, you provide, you can then juggle the amount and see what happens to the result.

I don't disagree but it is slightly depressing when people modify their hours to suit benefits rather than maximising income and only relying on benefits where necessary.

This is no different to the wealthy using various mechanisms to minimise tax due but now most of the population has caught onto these tricks it has made the whole system difficult and expensive, a very different Britain to that which existed only twenty or thirty years ago.

kingrulzuk

I want to cut down my Hrs as im working to much and a lot of stress at work, so less hrs and less stress will do me fine.
So if i earn £16k a year i dont have to pay tax?

bigadaj

kingrulzuk wrote: »

I want to cut down my Hrs as im working to much and a lot of stress at work, so less hrs and less stress will do me fine.
So if i earn £16k a year i dont have to pay tax?

So best to look for another job.

You'll still pay tax, normally £11k is your personal allowance, so tax on sums above that and national insurance.

Google uk pay calculator and that should come up with options that will show you the net income you'd receive on £16k.