Is it worth having two jobs or will i get taxed alot? (UK)?

Question

Is it worth having two jobs or will i get taxed alot? (UK)?

Answer 1

Congratulations for having 2 jobs in an era of unemployment

Answer 2

Hi, I believe that if you have a second job you will be taxed at a higher rate.  Your second employer will tax more, and its not worth working it if its approximately 50 hours or more because the tax man has more.  A friend of mine did that and gave up one job because it was not worth losing the money he was earning going on tax.

Answer 3

Depending on how much you are earning depends on how much tax you will be paying, Pretty much everyone in the UK gets the basic tax allowance of £5,225 pa (about £100 per week) tax free. After that, you start paying tax. The first £2,150pa (about £41.30/week) at 10%, then up to £33,300 is taxed at 22%. If you're lucky enough to earn more than that then you're paying 40% on that taxable income. No matter how much you earn, you still pay the first £2150 at 10% and the next £31,000-odd at 22%.

If you are earning more than £5,225pa in Job 1 then all your tax free allowances will be used up in that job, and Job 2 will not have any allowances left, so everything you earn in Job 2 will be taxed, at at least 10%. Still awake?

Be careful not to underpay tax, cos it will come back and bite you at the end of the tax year, like a large drinks bill at the end of the evening. If in doubt, just add together your two incomes and do the maths like the taxman does.

On the bright side, even if you're paying 40% tax, you're still keeping 60%, just don't get me started on National Insurance!

Answer 4

Depends on how much you earm..If it takes you into the 40% threshold it is a bind. But whatever you pay in tax, remember you will have more cash at the end of the week in your bank. Try putting money into a pesnion, as any funds transferred in are tax free!

Answer 5

the tax man charge u a secondary tax which is 25p in the pound .

Answer 6

you will be taxed on both jobs.

Answer 7

If you earn over £34601, then anything over this amount will be taxed at 40%.

Answer 8

Your tax allowence is the same wether you have 2 jobs or 6.