Income Tax - two jobs advice.

peteuk

I realise that until I leave my current job I wont get a P45, which means my new job will be initially emergency taxed.  There's a 4 month overlap, where I will be pulling two wages.  What is the best way to approach income tax.  Do I such it up and then attack it at the end of the tax year eg. let my wage balance out and then claim back (if any) over payment? 
Wage one £42K (Apr - Jul £14K)
Wage two £32K (Apr -Mar £32K) 
Pension 12K (Aug-Mar £8) 
Total - £58K
Tax - £0 - for first £12500 20% 12500 - £50000 40% £50000+
My concern is that the tax people wont know I have left my current employment and will assume I am pulling both wages for the whole financial year.  Equally my pension foesnt kick in until after July, so again its going to change my monthly income. 
Thanks

Dazed_and_C0nfused

Emergency tax (tax code 1250L) would mean you would owe HMRC, not them owing you.

You should tick statement C on the new starter declaration and this will mean a BR (basic rate) tax code will be used until you get your P45.