Having 2 Jobs

[froggy]

Yo, I need to raise a shit load of money. I'm talking like £300 per week with minimum wage jobs.

I've been looking around and I've found something perfect but I'm wondering weather I'll get raped on tax n that.

Basically what I've found is a full time job at mecca bingo, 5 days a week 11:45 - 15:45 then 17:45 - 21:45 so thats 40 hours a week at £5.05 per hour; so thats £202 a week (without tax taken off)

and then a part time job at McDonalds 08:00 - 11:00 5 days a week and then a full day in work on the day off I get off the other full time job, which would be around a 10 hour day. In total 25 hours a week there. Thats at £4.50 an hour; so thats £111.50 (without tax taken off)

I'm just curious, if I left my current job, which I recive £180 after tax. Would it be worth it? I don't know f**k all about tax and theres some Polish people where I work who get taxed a f**king shit load because they have like 2 jobs. I tried asking them but they don't really understand a f**king word I say.

Any help would be much appreciated!

Thanks

[CBProductions]

Yes because it will probably put you in a higher tax band and they will just rape you the best wayto earn money is just by doing as many shifts as you can not two jobs because they work out your tax code on your current job over there year and what your expected to earn such as 4000. Doesnt matter how quickly you earn 4000 or if you dont , what matters is if you go over that e.t.c Hope this helps a little bit the only other way is doing foerigners and I dont mean rude lol .

[Lawnmowerman]

Can you not do some labouring off the record at a building site?

[Ben Cox]

haha, dont come to mcdonalds, its shit! trust me ive worked there for over a year and you think polish people are hard to understand try africans who have been in the country for less than a month lol

Ben

[froggy]

I can't get overtime at the moment, I can only get overtime when the company I work for have big jobs or loads of jobs going at once. Even then I probably couldn't get any overtime cause the people I work with just don't even bother with overtime.

If I was to get the two jobs does anyone have any idea how much tax I would have to pay? Thanks

[CBProductions]

Again it depends on what rate you would be on and how many hours you are set to be doing on average. No way around it matey you will be raped by the tax man if you get a second job

If they don't offer overtime find somewhere that does if you're only interested in the money and not the actual progression withing the company

[UrbanPoet]

Don't leave your metalwork job! They won't let you weld at McDonalds! What do you need a load of money for, I can't think of any commitments you have, if you quit that job will that be that for metalwork, you sackin' off college too?

Tom

[deagledaddy]

Basicly if you want to earn more money you will have to pay more tax, its a simple fact... The more you earn the more you will get taxed. The % you get taxed will vary depending on how much in TOTAL you will earn in a year, the tax people are not stupid and will be able to add up the two jobs lol.

To be hoenst, I think your crazy to be wanting to work two jobs and do those hours 5 days a week... Should perhaps reconsider whatever it is thats making you need all this money... (car, house, drugs etc. )

[poopipe]

They're not going to tax you any more than if you had one job that payed the same as the two unless the combined wage takes you into the higher band of tax - which it won't because £300 = 15k = low tax band = 25% tax plus about 11% National insurance.

[Tony Harrison]

Someone told me that if you have two jobs, the second is taxed at 50% regardless... which surely can't be right

[Mark W]

I don't think it is, 'cos you're just taxed for your income, aren't you? So your combined income would be used to find out which tax band you're in, and you'd be charged accordingly?

[Village Idiot]

Assuming that you get taxed on your total combined income and not 50% on your second job your tax is calculated like this (I think):

Oh aye, these are last years figures so it will be slightly different this tax year but not a lot.

Based on what you said you’ll have a total income of £202 + £111.50 = £317.50 per week = £16510 per year.

The first £4895 you earn in a year is tax free (this is your personal allowance). The next £2090 you earn (on top of £4895) is taxed at 10% and the next £30309 (on top of (£4895+£2090) is taxed at 22%.

Here goes...

Total salary = £16510

£4895 is tax free. This leaves £11615 (£16510 - £4895) which is taxable. Of this, £2090 is taxable at 10% (£2090 x 0.10 = £209). £9525 (£11615 - £2090) is taxable at 22% (£9525 x 0.22 = £2095.50).

So I reckon your total tax will be roughly £2304.50 (£209 + £2095.50).

If you get taxed 50% on your second job then just ignore my post

[Tomm]

Someone told me that if you have two jobs, the second is taxed at 50% regardless... which surely can't be right

That's not quite right but it's not totally wrong, either.

Basically if you have one job, you're fine. Your employer *should* sort out all the tax and you'll pay the right amount of tax based on what you're earning (I.e. you pay a certain amount on any earnings over £100 ish a week).

If you have two jobs, then it gets a bit complicated. Because your employer doesn't know how much you're earning from the other job, you get put into an emergency tax code, where you pay full whack on tax. Which means that you pay ~£40% I think. However, once you get it all sorted out (This is the tricky bit, and I don't know how you do this), you'll get taken off that emergency code, you'll get taxed appropriately on your total earnings over both jobs.

The important thing is that the 40% band is temporary, and it's also rebate-able. So you may get a nice tax rebate when it's all sorted out

To be honest, just leave it in the hands of your employers, they should be able to work it out.

[poopipe]

However, once you get it all sorted out (This is the tricky bit, and I don't know how you do this), you'll get taken off that emergency code,

You'll be wanting to fill out a form with a P at the beginning before you start earning - that'll sort it (dont know which one though) - phone up the taxman, they like to talk.

anyway, its all academic. if you want more money you'll have to pay more tax but you'll still have more money in the end - which is good.

[Extreme_biker0]

Assuming that you get taxed on your total combined income and not 50% on your second job your tax is calculated like this (I think):

Oh aye, these are last years figures so it will be slightly different this tax year but not a lot.

Based on what you said you’ll have a total income of £202 + £111.50 = £317.50 per week = £16510 per year.

The first £4895 you earn in a year is tax free (this is your personal allowance). The next £2090 you earn (on top of £4895) is taxed at 10% and the next £30309 (on top of (£4895+£2090) is taxed at 22%.

Here goes...

Total salary = £16510

£4895 is tax free. This leaves £11615 (£16510 - £4895) which is taxable. Of this, £2090 is taxable at 10% (£2090 x 0.10 = £209). £9525 (£11615 - £2090) is taxable at 22% (£9525 x 0.22 = £2095.50).

So I reckon your total tax will be roughly £2304.50 (£209 + £2095.50).

If you get taxed 50% on your second job then just ignore my post

This guy knows what he's talking about. However you will also have to pay national insurance on anything over the lower earnings threashhold of 4895 at 11%, which he forgot to take into account. This would be 11% of 11,615 = 1,277.65.

So the total deductions from your salary that you would pay if you were to work the whole year would be 2,304.50 + 1,277.65 = 3,582.15. Your net salary for the year, or 'bring home amount', would therefore be 12,927.85.

As the guy said these are all last years tax figures. You will pay slightly less this year as the threasholds will have been raised in line with inflation. I don't know the new figures as my firm hasn't got around to issuing new tax cards for this year. It is also true about the emergency tax band. But you will be able to claim it back, so that the amount of tax you pay in the year equals what I calculated above. Just think of it as a savings account, where you don't earn the interest, the tax man does

What you need to make sure you do is inform both your employers of the other jobs. If they don't know about them, they might both give you your tax allowances for the year, and then when it comes to the year end you won't have paid enough tax, and could be landed with a hefty tax bill to pay (£1,000+) and if you can't afford it, it starts acquiring interest.

Mark

Edited April 4, 2006 by Extreme_biker0

[Michael Hardman]

Only one company can have your P45 form and therefore only one company will knwo waht tax band your in and be able to tax you properly.

The other will not know what to tax you and you have to pay emergency tax which is stupid high as I had this problem until last week when the new agency I work for got my P45, they paid back all my tax though.

Im on like £230 after tax a week so Im not complaining.

Plus pay rise as Im working on a performance based scale.

Teachings great.

I can earn 5700 a year and not get taxed and I made sure I didnt as I dont need the money, all the tax Im charged will eventually get paid back when I request a p45 from my last employee which will be septemnber as Im back off to uni.

Edited April 4, 2006 by Michael Hardman

[Extreme_biker0]

Only one company can have your P45 form and therefore only one company will knwo waht tax band your in and be able to tax you properly.

The other will not know what to tax you and you have to pay emergency tax which is stupid high as I had this problem until last week when the new agency I work for got my P45, they paid back all my tax though.

Im on like £230 after tax a week so Im not complaining.

Plus pay rise as Im working on a performance based scale.

Teachings great.

I can earn 5700 a year and not get taxed and I made sure I didnt as I dont need the money, all the tax Im charged will eventually get paid back when I request a p45 from my last employee which will be septemnber as Im back off to uni.

£15,000 a year, go you! But how come you can earn £5,700 a year tax free as opposed to everyone else to whom the LEL at £4,895 applies? Something to do with you being at university?

[Michael Hardman]

£15,000 a year, go you! But how come you can earn £5,700 a year tax free as opposed to everyone else to whom the LEL at £4,895 applies? Something to do with you being at university?

I dont have a clue, Imn ot moaning.

[poopipe]

I dont have a clue, Imn ot moaning.

student = P38 = no tax

happy days.

It wasn't till last year I started earning more after tax than the last job I had while still a student.

[-RoBBo-]

i Have a full time job and a part time job....i get taxed on my full time one, but they havnt ever taxed me on my part time yet (touch wood)....and i have told them about it too, so im guessing it would be fine.

[Extreme_biker0]

i Have a full time job and a part time job....i get taxed on my full time one, but they havnt ever taxed me on my part time yet (touch wood)....and i have told them about it too, so im guessing it would be fine.

You should save up for the possibility of a large tax bill at the year end! Unles your part time job is not legit and is cash in hand, you WILL have to pay any tax you havent paid at the year end!

[Michael Hardman]

student = P38 = no tax

happy days.

It wasn't till last year I started earning more after tax than the last job I had while still a student.

I finsihed uni a year ago, Im not going back to uni till September so I still get taxed but I get it back.

My tax code has gone down this year but I dont care I will only be earning for another 3 months and then Im at uni with no job but a nice sized grant from the government.