How much tax and insurance

xmummytothreeangelsx

Hi,

I was wondering if anyone could possibly point me in the right direction please.

I currently work 2 jobs. My main job which I do 108 hours each month and another job within the NHS which I do bank shifts for. 

For my main job I pay tax, insurance and pension contributions. My tax code is currently 1170L as apparently I owe tax 🙃 

My bank job is a BR tax code..

I'm looking at possibly reducing my hours in my main job to 90 hours a month. 

Could anyone help me with how I can work out how much tax I will pay on my drop in income (I'm clueless where tax and insurance is concerned) 

Also is it best to keep my tax codes as they are for each job or to split my allowance between the 2 of them.

I roughly do 3-4 bank shifts a month at present.

Thanks in advance for any help you can give 😊 

eskbanker

Not enough information to go on there, especially about pay rates and/or annual/monthly total income, but you could do worse than plugging in before and after figures into any tax calculator such as https://www.moneysavingexpert.com/tax-calculator/

xmummytothreeangelsx

eskbanker said:

Not enough information to go on there, especially about pay rates and/or annual/monthly total income, but you could do worse than plugging in before and after figures into any tax calculator such as 

Thank you for the reply.

I have tried inputting my information into the calculators and deductions come up a lot lower than what I pay.

I currently get £10.93 PH basic pay. With night shift enhancements 20% for weekdays. 30% for Saturday and 45% for Sunday. This is the rates for my main job.

Bank shift job is £11.83 PH. With enhancements of 30% for Saturday and 45% for a Sunday.

I work different shifts each week, so enhancements vary.

Thanks again 

Thank you 

[Deleted User]

xmummytothreeangelsx said:

eskbanker said:

Not enough information to go on there, especially about pay rates and/or annual/monthly total income, but you could do worse than plugging in before and after figures into any tax calculator such as 

Thank you for the reply.

I have tried inputting my information into the calculators and deductions come up a lot lower than what I pay.

I currently get £10.93 PH basic pay. With night shift enhancements 20% for weekdays. 30% for Saturday and 45% for Sunday. This is the rates for my main job.

Bank shift job is £11.83 PH. With enhancements of 30% for Saturday and 45% for a Sunday.

I work different shifts each week, so enhancements vary.

Thanks again 

Thank you 

As you say, your shifts and days vary and it is impossible to know which of them you would be reducing and, thus, by how much your pay alters. However, the best that I can do is to advise that, for every £1 your gross pay is reduced, you take home 68p less. So, for example, if your gross pay for the month is reduced by £100, and remains above £975,  you will have £68 less take home pay.  I have ignored any pension contributions. 

SiliconChip

I don't think the MSE calculator will give you an accurate figure for working 2 jobs. @[Deleted User]'s method is probably the best way to get a reasonable idea of how your net pay may vary.

[Deleted User]

SiliconChip said:

I don't think the MSE calculator will give you an accurate figure for working 2 jobs. @[Deleted User]'s method is probably the best way to get a reasonable idea of how your net pay may vary.

Indeed, not least because there would be two separate NI lower thresholds unless the employments were linked. 

xmummytothreeangelsx

Thank you everyone for your time and help.

Tax and insurance is a huge minefield and I find it so difficult to understand, so I appreciate your time 😀