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 UK Tax issue, PAYE.

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Templeton Peck
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PostPosted: Thu Jan 24, 2008 3:12 pm Reply with quoteBack to top

Hi all,

does anyone out there know much about the UK tax system?

I will be finishing a contract job in May 2009 but for the last three months of that contract, I won't be at work, i will be on 'leave' so to speak, but still picking up a salary from the contract company.

This means that technically i will be available to work for someone else from february 2009.

Can i pick up another full-time salary whilst still being paid by my present employer?

Cheers all

TP

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Mugatu
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PostPosted: Thu Jan 24, 2008 3:18 pm Reply with quoteBack to top

Yes you can. Many people in my job don't work for the last 3 or 4 months of their careers, but they are allowed to take up new employment straight away as soon as they are on terminal leave. In effect they are earning two salaries for several months. As long as it's all declared, and tax is paid, you can have as many salaries as you like, you're fine.

You'll need to look at the amounts though, two salaries may send you into the super tax bracket, but I doubt that bothers you too much. It's just one of those things.

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Old No. 7
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PostPosted: Thu Jan 24, 2008 3:28 pm Reply with quoteBack to top

^^^^ What Mugatu said.

The only other consideration is that your tax code will have your annual allowances encoded within it. If your second job uses the same tax code (or even a "Week 1 emergency code, I believe) you may not be paying enough tax, as you will effectively have doublre the allowances before deductions.

So bear in mind that, come tax year 07/08 end, you may owe the taxman a significant slug of your second earnings, even though you paid PAYE

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Roycropper
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PostPosted: Thu Jan 24, 2008 3:44 pm Reply with quoteBack to top

It'll all come out in the wash. You can have as many jobs as you want (or have time for), employed and self employed.

PAYE jobs, if you are on an emergency code, give you one 52nd of your annual tax free allowance (Currently 5,225) per week. If you have 2 jobs, they may be both giving it you , which is where an overpayment can arise.

Keep a bit to one side, if you have to complete a Tax Return for 08/9 then any overpayment will be billed back to you. I wouldn't be surprised if nothing happens though. As the period straddles the Tax year end (5th April, they use the Roman calendar for some bizzare reason) it will affect 08/9 and 09/10. Tax underpaid for 08/9 won't be due until 31 Jan 2010!

That'll be 22, plus VAT please. Wink

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PostPosted: Fri Jan 25, 2008 7:37 am Reply with quoteBack to top

Templeton Peck wrote:
Can i pick up another full-time salary whilst still being paid by my present employer?


As already said above...Yes. You can have as many jobs/self employments as you are physically capable of doing.

Make sure you get a P45 from your last employer and give a copy to your new employer. The P45 details what gross pay and income tax you have received/been deducted up to the date of leaving. This should (hopefully) ensure that your new employer operates the correct PAYE deduction from your salary from the start, thus avoiding any under/overpayments.

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