State Pension and Part time Work

killie77

Hi
I’m currently receiving the State Pension. Currently £725 a month..
I started a Part time Job last month, 12 hours a week.. at £9.50 per hour.
I think between the Pension and the Part Time, I’m going to earn around £14000 per year..
I’m guessing this will take me over the Tax Allowance..
Does anyone know roughly how much Tax I would be paying per month ?
Thanks for any advice. 

Audaxer

killie77 said:

Hi
I’m currently receiving the State Pension. Currently £725 a month..
I started a Part time Job last month, 12 hours a week.. at £9.50 per hour.
I think between the Pension and the Part Time, I’m going to earn around £14000 per year..
I’m guessing this will take me over the Tax Allowance..
Does anyone know roughly how much Tax I would be paying per month ?
Thanks for any advice. 

If your personal tax allowance is £12,570 and your total income is £14,000 then your tax will be £286 (20% of £1,430) for the year.

molerat

State pension is paid 4 weekly so is that figure per month or per 4 weeks ?

If you have just started employment and had nothing else this year then it is unlikely you will pay any tax this year.

But on an income of £14K you would normally pay around £5 per week / £24 per month in tax.

Not enough information though to give anything other than a finger in the air guess.

Stubod

...not a lot??? first 12500 is "tax free, so possibly 20% of the balance of £1,500 = £300 or £25 per month...'ish??

comeandgo

By what you have said your income will be more than £14,000 as your pension is paid every 4 weeks not monthly.

Dazed_and_C0nfused

killie77 said:

Hi
I’m currently receiving the State Pension. Currently £725 a month..
I started a Part time Job last month, 12 hours a week.. at £9.50 per hour.
I think between the Pension and the Part Time, I’m going to earn around £14000 per year..
I’m guessing this will take me over the Tax Allowance..
Does anyone know roughly how much Tax I would be paying per month ?
Thanks for any advice. 

State Pension isn't paid monthly.  Have you converted a different figure to £725/month or do you mean £725 every 4 weeks?

Have you applied for Marriage Allowance?

jem16

killie77 said:

Hi
I’m currently receiving the State Pension. Currently £725 a month..
I started a Part time Job last month, 12 hours a week.. at £9.50 per hour.
I think between the Pension and the Part Time, I’m going to earn around £14000 per year..
I’m guessing this will take me over the Tax Allowance..
Does anyone know roughly how much Tax I would be paying per month ?
Thanks for any advice. 

Where do you reside for tax purposes as the answer will be different if you live in Scotland.

killie77

Hi
im currently receiving the State pension every 4 weeks.. I live in Glasgow, or RainTown as it’s known. I’ve heard the State Pension is going up in April this year, plus I think my £9.50 an hour goes up to £10. 30 or their about.
I’ll receive my first full wage 28th February. If their’s anything left after the Tax Man is finished,I might have enough for a Beer and aSandwich 😪

Stubod

...just googled this:-
Taxable income Scottish tax rate Starter rate £12,571 to £14,732 19% Basic rate £14,733 to £25,688 20%

killie77

Thanks
ill have another look 🤔

Dazed_and_C0nfused

So for the forthcoming 2023:24 tax year it might look something like this,

State Pension £10,375
Earnings £6,425
Total income £16,800

Less Personal Allowance £12,570

= Income to be taxed £4,230

£2,162 x 19% = £410.78
£2,068 x 20% = £413.60

= Total tax payable £824.38

Average per week £15.85

Average weekly income pre tax £323
Average weekly income post tax £307

The above assumes you haven't applied for Marriage Allowance and any pension contributions will be paid via the relief at source (RAS) method.