Second Job Tax and Saving Money.

Jonothon

Hi all,

I am currently working full time at £19,300 P/A.
I am thinking of getting a second job on the weekends between 6-8 hours a week.

I have tried to search online on which job would get taxed, and whether it will be at 20% or more. But I have learning difficulties with numbers and finding it hard to apply examples I've seen online to my own earnings. For the second job, I hope to earn around £4631.04 P/A or £385.92 per month. Because the second job is under the £12,000 fresh hold, i will be taxed 20% on my main job of £19,300, right? Or is it more complicated than this?

Thanks for any help offered 🙏🏼

Jonothon

Also I forgot to add, would it be worth taking a second job out based on this info? If I'm able to save an extra £200.00 after tax, this would be perfectly fine for me.

Brie

You might find that they both get taxed and then maybe you'll need to have some tax refunded.  HMRC will take it's own sweet time to calculate your total salary and see who owes whom what.  I just got a letter today for the 2022/23 tax year saying I paid too much - this is due to having left full time employment, starting collecting a pension, getting a large tax free redundancy payment, getting JSA and then starting a part time job.  I think I must have confused them no end!

Ultimately you'll be taxed on everything you earn about the £12k threshold.  If your combined income for the 2 jobs is around £24k then you'll be on just the low tax rate.  Does it make a difference which payslip it shows on?  

Brie

re your second post - well you'll be earning more money so will have more available to spend or save.  To get more value check that your are in your company pension scheme in at least the full time job but join it for the part time one too if you can.  It won't hurt too much "losing" a few % from your pay as your employer will also have to contribute so it will be a winner in the long term.  And if the money doesn't actually hit your bank account you'll get used to living without it and be much happier when you eventually retire with a decent whack behind you.

[Deleted User]

Jonothon said:

Hi all,

I am currently working full time at £19,300 P/A.
I am thinking of getting a second job on the weekends between 6-8 hours a week.

I have tried to search online on which job would get taxed, and whether it will be at 20% or more. But I have learning difficulties with numbers and finding it hard to apply examples I've seen online to my own earnings. For the second job, I hope to earn around £4631.04 P/A or £385.92 per month. Because the second job is under the £12,000 fresh hold, i will be taxed 20% on my main job of £19,300, right? Or is it more complicated than this?

Thanks for any help offered 🙏🏼

You will pay tax at 20% on the second job and no NIC. Based on that you will receive £308 per month on that job after tax.

Your main job should be completely unaffected. 

[Deleted User]

Brie said:

You might find that they both get taxed and then maybe you'll need to have some tax refunded.  HMRC will take it's own sweet time to calculate your total salary and see who owes whom what.  I just got a letter today for the 2022/23 tax year saying I paid too much - this is due to having left full time employment, starting collecting a pension, getting a large tax free redundancy payment, getting JSA and then starting a part time job.  I think I must have confused them no end!

Ultimately you'll be taxed on everything you earn about the £12k threshold.  If your combined income for the 2 jobs is around £24k then you'll be on just the low tax rate.  Does it make a difference which payslip it shows on?  

Surely BR code at the second job would be sufficient as full personal allowance used at main job. 

Saver73

Hello, this may also help https://www.thesalarycalculator.co.uk/twosalaries.php

If you input the two salaries the calculator states £1737.60 net monthly

Jonothon

Thank you for your answers! I'm actually getting a second job to emigrate from the UK in FEB/March time in 2024. So working two jobs won't be a long-term goal for me in the UK.