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Second Job
shaz77_2
Posts: 1,881 Forumite
I have now a second job but I am worried that overall the tax and NI implications will negate the point in having one.
I earn around £16000 with my first job, there is also bonus scheme in place, my second job is a minimum wage (£5.55 per hour) and consists of 15 hours per week. I have several questions in relation to this:
What tax code should my second job have?
Are there any benefits from the extra NI deductions, the reason I ask is that previous years I was below the threshold to qualify for a full years state pension.
Thanks
I earn around £16000 with my first job, there is also bonus scheme in place, my second job is a minimum wage (£5.55 per hour) and consists of 15 hours per week. I have several questions in relation to this:
What tax code should my second job have?
Are there any benefits from the extra NI deductions, the reason I ask is that previous years I was below the threshold to qualify for a full years state pension.
Thanks
0
Comments
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The tax code on your second job will be BR (basic rate). This means 20% will be deducted for tax. Sorry, don't know about NI contribution thresholds." The greatest wealth is to live content with little."
Plato0 -
Unless you are talking about the implications with regard to any benefits you receive or any extra costs (travel etc) you might incur then it will always be better to have a second job.
Tax will be deducted at BR = 20% provided you tell your second employer that you have a second source of PAYE income.
National insurance is deducted at 11%
You will still have extra money in your pocket than if you didn't take the second job.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Unless you are talking about the implications with regard to any benefits you receive or any extra costs (travel etc) you might incur then it will always be better to have a second job.
Tax will be deducted at BR = 20% provided you tell your second employer that you have a second source of PAYE income.
National insurance is deducted at 11%
You will still have extra money in your pocket than if you didn't take the second job.
£3.83 per hour after deductions may make me consider if this job is worthwhile.0 -
NI is only deducted at 11% AFTER the first £105 per week.:heartpuls baby no3 due 16th November :heartpulsTEAM YELLOWDFD 16/6/10"Shut your gob! Or I'll come round your houses and stamp on all your toys" The ONE, the ONLY, the LEGENDARY Gene Hunt :heart2:0
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It's a second job. The whole lot will have 31% deducted off it in tax/NI.0
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It's a second job. The whole lot will have 31% deducted off it in tax/NI.
Incorrect ~ you will recieve a 2nd NI *allowence* but not tax.:heartpuls baby no3 due 16th November :heartpulsTEAM YELLOWDFD 16/6/10"Shut your gob! Or I'll come round your houses and stamp on all your toys" The ONE, the ONLY, the LEGENDARY Gene Hunt :heart2:0
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