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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
Tax Advice - Reducing the Income Tax and NI on a second job? |
How can I reduce the tax deductions on a second job? Its currently PAYE but has a cash option... I want to do it legally... You can't take cash legally without the employer deducting tax at 22% or 40% depending on the level of your income. Its just not worth trying to avoid it as you can end up with interest, penalties and, in extreme cases, a prison sentence. Sorry - us little folk just have to pay up. All the good tax planning only works for those with millions! Just earn more money in your primary job? that will not happen the government fleeces for every penny from poorer people. If you want to do it legally then you can't take cash without declaring it on your tax return. Will still be taxed at 22% whatever way you do it You are legally bound in the UK to declare any income to Revenue and Customs that you know has not been taxed. The only way you can effectively reduce your income tax liability is try and get a job that pays you cash in hand. If you get found out, you're going to have problems. If you do end up having to pay back to the Revenue, don't forget that they will impose automatic penalties and apply interest rates that are a couple of percent above base rate. Oh, and they don't do HP if you can't pay it back immediately. So, if you want to do it legally, you'll have to pay the tax. That's what the system is there for! I'm afraid you can't legally as any second job has no tax code allowance which means you pay more. Its one of those unfortunate things. Sorry powder hat slaphead, you look like a disco ball |
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