Tax on 2 full time jobs

beckyc_2

Hello all,

Just a bit of advice required please!!

I am currently employed full time in one job, but have been offered and accepted another job - yippeeee!!

However, due to a penalty on a taxable benefit i currently get (car) which has to be returned, I am looking at doing the following;

Leave current job end of June with Notice expiring mid july so effectivley to be on annual leave for 2 weeks.

Start new job beginning of july, thereby getting paid my leave from job 1 at the end of july and getting a full month from job 2 also at the end of july, thereby enabling me to pay my penalty on the car!

Will there be any tax implications for this?

Advice appreciated please!!

Thanks
Becky!

terryw

beckyc wrote: »

Hello all,

Just a bit of advice required please!!

I am currently employed full time in one job, but have been offered and accepted another job - yippeeee!!

However, due to a penalty on a taxable benefit i currently get (car) which has to be returned, I am looking at doing the following;

Leave current job end of June with Notice expiring mid july so effectivley to be on annual leave for 2 weeks.

Start new job beginning of july, thereby getting paid my leave from job 1 at the end of july and getting a full month from job 2 also at the end of july, thereby enabling me to pay my penalty on the car!

Will there be any tax implications for this?

Advice appreciated please!!

Thanks
Becky!

Not really. You will effectively pay your rate of tax on the second job for the two weeks as your allowances will be used at the first job. Probably pay E code on the first month but after that your P45 should have arrived and it will all be sorted on the second or third pay. Ask the tax office to alter your code if there is a restriction for the car which will no longer apply.

terryw.

beckyc_2

Thanks for that,

Can you just clarify what tax code E is?

Basically, I am trying to make sure that my finances are ok! I am on a DMP aswell, so I really need things to run as smooth as possible!

To enlighten a bit;
Current job 19K per year, tax code 315L (due to car) therefore, after Tax, NI, pension and car Net per month is £1070

New job 24K per year,

The holiday pay should equate to £720 ish before deductions for tax and NI, and I figured that after tax and NI I would get about £500 from there and then about £1300 from new job, do you think this is about right?

Also, if I ring the tax office on the day the car goes back, will they alter my tax code straight away?

Cheers!!