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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: 8580
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




Joined: 09 Jul 2009
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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: 370

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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