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Second Job Tax, NI, Student Loan etc
Superhoopza
Posts: 604 Forumite
Hi,
Could someone please help me calculate please the tax I'd pay if I take a second job?
My first job I earn £30,500 annually, therefore pay basic tax income, NI and 9% over the threshold of student loan (I am on plan 1)
The second job would be roughly £112 a week (5824 annually). My understanding is I'd still pay 20% tax on that and no NI but 9% student loan? Therefore I'd pay 29% out of my salary on my additional earnings. Is that calculation correct?
Many Thanks for your help.
Could someone please help me calculate please the tax I'd pay if I take a second job?
My first job I earn £30,500 annually, therefore pay basic tax income, NI and 9% over the threshold of student loan (I am on plan 1)
The second job would be roughly £112 a week (5824 annually). My understanding is I'd still pay 20% tax on that and no NI but 9% student loan? Therefore I'd pay 29% out of my salary on my additional earnings. Is that calculation correct?
Many Thanks for your help.
0
Comments
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No student loan either, it's also calculated on a job basis unless you complete a tax return, then it's a total threshold.
https://www.taxguideforstudents.org.uk/student-loans/plan-2-student-loans/i-am-an-employee.-how-do-i-make-plan-2-student-loan-repayments/plan-2-loans-what-happens-if-i-have-more-than-one-job0 -
Student loan repayments are calculated in the same way as NI, you have to reach the threshold in each job, but if you have to SA then the total pay would be taken into account.0
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Many Thanks all. Paying 20% would just about make it viable but anything else wouldn't. Thanks for the help.0
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