Hi all,
First post so please be nice!
I've tried to search this before posting but getting too many results to see an answer to my question.
I've got a main income of 33k and on top of this I'm about to start a second job with an income of 5k. Both standard PAYE and I don't fill in a self assessment form. Through the main job I pay income tax, NI and student loan at all the rates I'd expect to.
After doing a bit of googling, I see that the second job won't attract NI or student loan payments as it's below the threshold for both. Obviously I don't get a personal allowance twice so, as a standard rate tax payer, I understand that the only deduction on the second job will be a 20% deduction by way of the BR tax code.
This will give a net take home of £333.33 in relation to job 2.
Does this all sound correct? Is there anything else I need to be thinking about?
Thanks in advance!
First post so please be nice!
I've tried to search this before posting but getting too many results to see an answer to my question.
I've got a main income of 33k and on top of this I'm about to start a second job with an income of 5k. Both standard PAYE and I don't fill in a self assessment form. Through the main job I pay income tax, NI and student loan at all the rates I'd expect to.
After doing a bit of googling, I see that the second job won't attract NI or student loan payments as it's below the threshold for both. Obviously I don't get a personal allowance twice so, as a standard rate tax payer, I understand that the only deduction on the second job will be a 20% deduction by way of the BR tax code.
This will give a net take home of £333.33 in relation to job 2.
Does this all sound correct? Is there anything else I need to be thinking about?
Thanks in advance!