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Second job

6 replies

craftyknickers · 01/12/2011 12:42

I work full time but I want to save as much money as possible for a deposit to buy my first house.

Would working a second job at the weekend be worthwhile after emergency tax has been taken off?

At the moment I can do overtime at my existing job at the weekend but this is a temp job and might not have that opportunity in my next job.

Also, does anybody do anything alongside their job to make any extra cash? Do you have any ideas.

OP posts:
SucksToBeMe · 01/12/2011 12:47

Bump.

bran · 01/12/2011 12:50

This reply has been deleted

Message withdrawn at poster's request.

Ellypoo · 01/12/2011 12:56

Emergency tax would only be deducted temporarily & if that results in an overpayment of tax, you would get a refund during the next tax year. The tax & NI that you would have to deduct would be at basic rate, assuming that your full-time job 'uses' all of your personal allowance.
Essentially then, assume a deduction of around 30% from the additional pay to cover the tax at basic rate + NIC (I am assuming here that you don't fall into the 40% band, or that the extra work will push you into this band).
Work on NMW of £6.08/hr, this would give you a take home of roughly £4/hour - it is up to you to decide if this is 'worthwhile', but it will still be extra money!

fraktious · 01/12/2011 13:18

I would work on the basis that your second job will always have a BR tax code and budget accordingly.

DanFmDorking · 01/12/2011 13:50

If you are below the threshold on both jobs you are better having your tax code split which only the tax office can do.
However, they need to know that you work there first.
Fill out a P46 at your second job and tick box C (This is not my only job).
This will put you on a BR (not emergency) tax code.
Leave it a week or so and then contact HMRC, with BOTH PAYE references, to discuss splitting your tax code.

Takeresponsibility · 01/12/2011 19:34

I have done this at various times (DH1 was an alcoholic and couldn't hold down a job). Worked FT and eves and w/e in supermarket and at other times taken fortnights leave and temped in a factory.

Definitely worthwhile as long as you are not receiving any benefits inc HB and ensure you don't go into 40% tax bracket.

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