Tax rate applicable to earnings from bank work as a second job.

[arthurdent]

Hello, I'm looking at trying to earn a little extra doing bank work for a second employer, ( I currently work full time for my current employer).

Does anyone know if I would be taxed at 40% on all I earn from this second job or would it only be on that amount over the 40% tax threshold, (assuming I ever reach it).

Thanks.

[PAWS]

Re: Tax rate applicable to earnings from bank work as a second job.

Your best bet is to call the tax office (allow hours !!!)but you only get one tax allowance so your extra earnings will be added on to what you already earn. If your main employment uses up all your ‘allowances’ then you will pay PAYE on every penny you earn at your second job. If you add up both you will get your total income and will be taxed as though it all comes from he same source. Whatever you earn above the 40% (£43,000) threshold you will pay 40% on and not your total earnings.

[ostell]

Re: Tax rate applicable to earnings from bank work as a second job.

If you're already at the 40% in the first job then everything at the second job will be at 40%.