Taxes

mac1st3 · 29 Dec 2009 at 15:20

Fear not! this isn't a rant about paying taxes for stupid things etc, more a question about my situation.

I currently work part time and pay tax as you generally do.
I start a new job in a week full time on a 3 month contract, full time hours, but I'll also be keeping my other job, but cutting it down to 1 day a week.

Just want to know how I go about making sure I'm paying the right tax/ the right amount/not too much, don't want to get taxed massively on the wrong job as it'll be a secondary income etc.

Or do I not worry about it and HMrevenue and Customs will notice my NI number is registered twice and figure it all out (not likely

) I'm aware HMR&C are pretty useless at times though, so just after some advice from people who've been int he same boat

OpenToSuggestions · 29 Dec 2009 at 15:23

If you can, leave it all to the tax year ends and you have the p65 (iirc) from both jobs.

This way there is no 'well you could earn X amount' or any other rubbish from the tax office, they just look at both end of year forms and refund the correct amount - Very slowly.

mac1st3 · 29 Dec 2009 at 15:40

that's all well and good, but I'm hoping my 3 moth temp contract turns into a stable contract and thus won't have 2 jobs, and I'd rather get it sorted sooner, the job I'm in at the moment took 6 months to sort out tax, but that was ok as I got it all back as a nice little bonus payment

Randomface74 · 29 Dec 2009 at 15:41

Ring your tax office and discuss it with them.

Syngress · 29 Dec 2009 at 15:42

Are you going to be self-employed in the contract role? If not as you wont have a p45 from your first job you will end up paying tax at the full Rate i.e. no deductions on your 2nd job... (At least that is how I think it works.... If in doubt find a nice accountant

)

mac1st3 · 29 Dec 2009 at 15:56

No, both jobs will be under contracts (not self employed) the p45 thing was a concern too, as far as I'm aware, both companies/employers will know I've got 2 jobs

BranwenAgape · 5 Jan 2010 at 06:32

hi friends,

Can I separate home business taxes from my regular job taxes?
I work and have a home based type business and do pretty well with it, as well as my regular day job which I have had to cut back on hours because the home business is doing so well.