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Tax on 2nd income

(4 Posts)
MissFoodie Wed 19-Oct-11 15:20:22

I have a full time job and am paying 40% income tax, if, in addition to this, I do some weekend work, freelance, will my income tax on that income be 40% also (based on my full time job PLUS weekend job)?
or will it be rated separately to my full time job?

Any ideas???????

Thanks!!!!

Lizcat Wed 19-Oct-11 15:41:27

Yes you will be taxed at 40% on this income. Are you on PAYE for your second job ? If so you maybe able to claim any excess NI contributions that you pay. DH has a second job which is PAYE and they get a tax coding that means he pays 40% tax on that, they deduct NI contributions just like first job he then fills in a form with information from both his P60s and gets his excess NI back.

CogitoErgoSometimes Wed 19-Oct-11 15:51:37

Lizcat is right. It's your total income that is liable for tax. I'd also recommend, if you're going to be freelancing regularly, that you submit tax returns if you don't already. When there's more than once source of income, mistakes can get made and filling out a tax return can be a way of making sure you're all square.

MissFoodie Wed 19-Oct-11 19:14:06

no, first job is paye, the second job would be self-employed ,so I would have to do tax returns etc, my query was, which I suspected, that I'm taxed at 40% based on my whole income (both jobs)

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