|
|
| *Ostroff, Fair and Company>>>United Kingdom Taxes |
Should i be paying tax at BR rate in part time job when i already have full time job? |
got no issues with full time job , just asking if i should be on BR rate of tax for matday job at football club You will be paying basic rate tax because you already have a full-time job. To check that its right, work out your total income for the year. I've used last years rates because you'll most likely now know you total income for the previous tax year (6th April 2005 - 5th April 2006) First deduct 拢4895 because this is your tax free personal allowance. Then the first 拢2090 is taxed at 10%, and anything between 拢2090 and 拢32,400 is taxed at 22% (BR). Anything above 拢32,400 is taxed at 40%. If you have paid more tax than you should have done then you can claim it back by going into your local inland revenue office, picking up a form, filling it in, and return it with the necessary wage slips/P60 For this years rates look at the following website and apply accordingly: http://www.hmrc.gov.uk/rates/it.htm... You should pay tax on both jobs. the income from any hours that is extra after your full time job must be taxed on BR rate. but if the taxman dont know nothing about it yet, then dont inform them. let them find out :P UK only: students survival tip: if the second job is temporary give them wrong national insurance number. it would take a while before they know that you are working in 2 or more places :) good luck Tax evasion is illegal and you risk criminal prosecution if found out (the football club will probably inform the Revenue of the names of recipients of match day pay). They may also assess you on assumed levels of income an dthen YOU must prove that THEY are wrong and not the other way around It is YOUR responsibility to tell the Revenue of any source of income - that is the way it works these days Useful tip - don't wind the Revenue up: they don't have a sense of humour Yes basic rate is appiled to a 2nd job, don't try tax evasion as suggested by wwwtoha (prev. answer) his student survival tip is illegal. As a student working in summer breaks without having to pay tax is simple, just ask your employer for a P38s. Secondary income can be taken off basic rate if you do not earn enough in your main job to use up all your personal allowances. u pay more tax for a 2nd job |
| Tags |
| Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes India Taxes |
Finance Categories--Copyright/IP Policy--Contact Webmaster |