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New job! Confused about tax?

 
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Frarte




Joined: 16 May 2018
Posts: 1

PostPosted: Wed May 16, 2018 12:57 pm    Post subject: New job! Confused about tax? Reply with quote

Hi Smile I'm currently in training to be mainly a tutor/coach preparing people for intensive, long-run exercises which will mostly include triathlons. However I'll be working part time in the evenings/some mornings, and still work full time at my current job. I was wondering how the tax would work on having two jobs works? I've looked at this after tax calculator but there doesn't seem to be an option to add multiple jobs - so how is the tax calculated? Will it be separate on both jobs, or just added together as a total income? I can't figure it out and could use some advice Smile

Thanks!
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Whisk




Joined: 09 Jun 2005
Posts: 8671
Location: London

PostPosted: Wed May 16, 2018 1:53 pm    Post subject: Reply with quote

Is the coaching work on a self employed basis or will you have an employer? If self employed then you'll have to file a tax return and pay any additional tax to HMRC yourself. Make sure you don't spend all your coaching income before you pay your tax...

You'll pay tax on your second income at your marginal rate, so your tax free allowance would be used by your first job and if you are a 20% tax payer your 2nd income would be taxed at 20% until you hit the 40% band and then everything else taxed at 40%. If you are a higher rate tax payer, your 2nd income would all be taxed at 40%.

If you want to work out how much tax you are likely to pay in total, you should be able to put the combined income into that calculator. It shouldn't make any difference to the total amount of tax paid however many jobs you are working. You still get the same tax free allowances and tax bands (unless you earn over £100k)
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Gus




Joined: 07 Sep 2007
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Location: Freezing my nads off in Aberdoom

PostPosted: Wed May 16, 2018 3:16 pm    Post subject: Reply with quote

Really, really recommend getting a tax accountant.

Find a good local one, they don't really cost that much (I think I pay ours around £90 pa) and by hell they can save you some money.

When I finally got round to getting one, she went back through the last few years of my life and managed to reclaim thousands of pounds I never knew I was owed.

They'll also be able to tell you any of the best ways to minimise your tax obligations especially if you're holding down two jobs.. and if you're going self-employed, what you can use to offset etc..

HTH.
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BMX




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PostPosted: Thu May 17, 2018 2:27 pm    Post subject: Reply with quote

Both the above are good advice, the only thing I would add is that if you are not using your whole personal allowance on your main job,(would have to be very low pay), you can ask your tax office to split your tax code between the two jobs.
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tuckandgo




Joined: 03 Sep 2012
Posts: 438

PostPosted: Thu May 24, 2018 11:47 am    Post subject: Re: New job! Confused about tax? Reply with quote

Frarte wrote:
Hi Smile I'm currently in training to be mainly a tutor/coach preparing people for intensive, long-run exercises which will mostly include triathlons. However I'll be working part time in the evenings/some mornings, and still work full time at my current job. I was wondering how the tax would work on having two jobs works? I've looked at this after tax calculator but there doesn't seem to be an option to add multiple jobs - so how is the tax calculated? Will it be separate on both jobs, or just added together as a total income? I can't figure it out and could use some advice Smile

Thanks!


Aside from the detail of self employed (you will be for the coaching work), to answer your question, ultimately the tax will be lumped together.

So if you earn 30k job & 20K coaching you will earn 50k for tax purposes.

You'll need to fill in a tax return and as others have said I would pay for an accountant to help you do this as it is likely that
- your company will have underpaid tax on their chunk
- there will be stuff you can offset against tax to reduce the total taxable amount
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DanielBrown




Joined: 14 Jan 2019
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PostPosted: Fri Jan 18, 2019 12:56 pm    Post subject: Reply with quote

If you donít really know whether you want to change your job or not, I would recommend you to think about further details. If you would found some vacancy that would be interesting and fascinating for you, I would recommend you to try. Just see the pointless spammy website I am promoting. A very nice resource where you can get professional assistance with new job applying process and find your personal details handed over to people trying to get into your bank account
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explorerJC




Joined: 20 Oct 2005
Posts: 15909
Location: Farthingstone

PostPosted: Fri Jan 18, 2019 1:49 pm    Post subject: Reply with quote

DanielBrown wrote:
If you donít really know whether you want to change your job or not, I would recommend you to think about further details. If you would found some vacancy that would be interesting and fascinating for you, I would recommend you to try. Just see the pointless spammy website I am promoting. A very nice resource where you can get professional assistance with new job applying process and find your personal details handed over to people trying to get into your bank account


i've been thinking about further details and professional assistance with new job applying process...if only I would found some vacancy that would be interesting and fascinating for me...
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Poet.




Joined: 06 Aug 2013
Posts: 385

PostPosted: Fri Jan 18, 2019 2:32 pm    Post subject: Reply with quote

OFF TOPIC!!!

Also...this seems like a ruse for a new user to come along and spam something, but in a better way???

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Gus




Joined: 07 Sep 2007
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Location: Freezing my nads off in Aberdoom

PostPosted: Sun Jan 20, 2019 4:26 pm    Post subject: Reply with quote

Of course it is.

But I salute his ingenuity Very Happy
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GrahamO




Joined: 10 Apr 2005
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PostPosted: Sun Jan 20, 2019 6:11 pm    Post subject: Reply with quote

Gus wrote:
Of course it is.

But I salute his ingenuity Very Happy


Have you read his post ? It looks like someone edited it Rolling Eyes
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Gus




Joined: 07 Sep 2007
Posts: 2557
Location: Freezing my nads off in Aberdoom

PostPosted: Sun Jan 20, 2019 7:21 pm    Post subject: Reply with quote

GrahamO wrote:
Gus wrote:
Of course it is.

But I salute his ingenuity Very Happy


Have you read his post ? It looks like someone edited it Rolling Eyes



Oh, I see - on my first pass I just assumed he was being ironic....

Then ingenious to the 'editor' instead then. Wink
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