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Paying 40% tax
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holmes03
Posts: 1 Newbie
in Cutting tax
Hi
I have currently got 2 jobs, my main job I earn approx 55,000 per year,
second job I earn approx 15,000 per year.
I have currently got 2 jobs, my main job I earn approx 55,000 per year,
second job I earn approx 15,000 per year.
This takes me well over to the 40% tax but the problem is I only do the second job as a favour to the employer and don’t actually want or need to do this. HMRC website says that I’ll be paying 15,212 in tax per year does this sound about right?
If so how do I tell a friend I no longer want to work there 😂
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Comments
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you still get to keep 60% of the extra 15K - I used to extra bits of work, all of which were taxed at 40% - I did them because I quite liked doing them but also the 60% was better than 0%1
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holmes03 said:If so how do I tell a friend I no longer want to work there 😂
Anyone who tries to argue against that wouldn't be much of a friend.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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strange post
if 60% of the money is not enough to motivate you to carry on doing the work then stop.
do you really need to be told how to talk to someone?1 -
holmes03 said:Hi
I have currently got 2 jobs, my main job I earn approx 55,000 per year,
second job I earn approx 15,000 per year.This takes me well over to the 40% tax but the problem is I only do the second job as a favour to the employer and don’t actually want or need to do this. HMRC website says that I’ll be paying 15,212 in tax per year does this sound about right?If so how do I tell a friend I no longer want to work there 😂
A bigger pension could mean you could stop work altogether at a younger age .0 -
holmes03 said:Hi
I have currently got 2 jobs, my main job I earn approx 55,000 per year,
second job I earn approx 15,000 per year.This takes me well over to the 40% tax but the problem is I only do the second job as a favour to the employer and don’t actually want or need to do this. HMRC website says that I’ll be paying 15,212 in tax per year does this sound about right?If so how do I tell a friend I no longer want to work there 😂
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holmes03 said:Hi
I have currently got 2 jobs, my main job I earn approx 55,000 per year,
second job I earn approx 15,000 per year.This takes me well over to the 40% tax but the problem is I only do the second job as a favour to the employer and don’t actually want or need to do this. HMRC website says that I’ll be paying 15,212 in tax per year does this sound about right?If so how do I tell a friend I no longer want to work there 😂
Second job £15k
Combined £70k
Assume England - different in other parts of UK.
Personal allowance £12.5k
£37.7k at 20% = £7.5k
£19.8k at 40% = £8k
Total tax £15.5k (about)
You keep £54.5k
The calculation from the HMRC website is about right.
If you just do main job and not the second job, then income £55k
Personal allowance £12.5k
£37.7k at 20% = £7.5k
£4.8k at 40% = £1.9k
Total tax £9.4k (about)
You keep £45.6k
That second job is worth £9k in take home now money.
You could make it worth more if you make pension contributions of the full £15k.
Other factors may change the indications above - for example marriage allowance, Gift Aid, etc.
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The other thing to factor in is NI contributions. On the second job you will pay NI at the rate of 8% on £2430.This is too high as you will have already paid the maximum payable at 8% on your other job and it will be refunded. Something to bear in mind when you look at your net pay.1
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Grumpy_chap said:holmes03 said:Hi
I have currently got 2 jobs, my main job I earn approx 55,000 per year,
second job I earn approx 15,000 per year.This takes me well over to the 40% tax but the problem is I only do the second job as a favour to the employer and don’t actually want or need to do this. HMRC website says that I’ll be paying 15,212 in tax per year does this sound about right?If so how do I tell a friend I no longer want to work there 😂
Second job £15k
Combined £70k
Assume England - different in other parts of UK.
Personal allowance £12.5k
£37.7k at 20% = £7.5k
£19.8k at 40% = £8k
Total tax £15.5k (about)
You keep £54.5k
The calculation from the HMRC website is about right.
If you just do main job and not the second job, then income £55k
Personal allowance £12.5k
£37.7k at 20% = £7.5k
£4.8k at 40% = £1.9k
Total tax £9.4k (about)
You keep £45.6k
That second job is worth £9k in take home now money.
You could make it worth more if you make pension contributions of the full £15k.
Other factors may change the indications above - for example marriage allowance, Gift Aid, etc.1
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