Tax Code - Help/Guidance Required Please
Discussion
Guys i need some assistance here please as not sure what to do.
I have a couple of jobs where i work on a 'when required' basis. No contract with either company - i simply get offered work at events throughout the South West & i get paid for them on an hourly basis.
If i dont work i dont get paid & if i dont want to work at any of the events then i dont have too.
The money is crap - just above minimum wage - however its a job & i enjoy what i do.
Today i have received my PAYE coding notice for the year 2014-15 which says that my tax code for the year is D0 & that i will pay tax at 40%!!!! on my income!
This doesnt sound right to me - if it is then there is no point in me working as it means that for the event i worked at on Satuday, an 11 hour shift, i will end up with around £35 after tax.
Pointless isnt it?
So is anyone on here able to give me some impartial advice or able to point me in the right direction as to whom i speak too, apart from the Revenue?
Thank you.
I have a couple of jobs where i work on a 'when required' basis. No contract with either company - i simply get offered work at events throughout the South West & i get paid for them on an hourly basis.
If i dont work i dont get paid & if i dont want to work at any of the events then i dont have too.
The money is crap - just above minimum wage - however its a job & i enjoy what i do.
Today i have received my PAYE coding notice for the year 2014-15 which says that my tax code for the year is D0 & that i will pay tax at 40%!!!! on my income!
This doesnt sound right to me - if it is then there is no point in me working as it means that for the event i worked at on Satuday, an 11 hour shift, i will end up with around £35 after tax.
Pointless isnt it?
So is anyone on here able to give me some impartial advice or able to point me in the right direction as to whom i speak too, apart from the Revenue?
Thank you.
Are you a higher rate taxpayer because of your main source of income?
If you are, any additional income you receive will be subject to 40% tax. If that income is taxed under the PAYE system, the D0 is the correct code.
If you are NOT already a higher rate taxpayer and any additional income is NOT likely to pitch you into the higher rate tax bracket, then the correct PAYE code for that additional income should be BR. This means that the income in that additional employment should be taxed at a straight 20%.
If you are, any additional income you receive will be subject to 40% tax. If that income is taxed under the PAYE system, the D0 is the correct code.
If you are NOT already a higher rate taxpayer and any additional income is NOT likely to pitch you into the higher rate tax bracket, then the correct PAYE code for that additional income should be BR. This means that the income in that additional employment should be taxed at a straight 20%.
Eric Mc said:
Are you a higher rate taxpayer because of your main source of income?
If you are, any additional income you receive will be subject to 40% tax. If that income is taxed under the PAYE system, the D0 is the correct code.
If you are NOT already a higher rate taxpayer and any additional income is NOT likely to pitch you into the higher rate tax bracket, then the correct PAYE code for that additional income should be BR. This means that the income in that additional employment should be taxed at a straight 20%.
High rate tax payer? I have earned less than £8k in the last 11 months so doubt that very much however i have no idea at all how the tax system works.If you are, any additional income you receive will be subject to 40% tax. If that income is taxed under the PAYE system, the D0 is the correct code.
If you are NOT already a higher rate taxpayer and any additional income is NOT likely to pitch you into the higher rate tax bracket, then the correct PAYE code for that additional income should be BR. This means that the income in that additional employment should be taxed at a straight 20%.
I also thought that high tax rates were only applicable if you earned a lot of money - which i dont. Wish i did though.
Had a quick look on the HMRC website earlier - confusing or what? Havent got a clue what to do now.
That was relatively painless - called & spoke to an extremely friendly, helpful & polite lady who said that according to HMRC records i currently had 23 (twenty three) jobs!!!!!
Seems that a number were duplicated as i worked for some agencies, stopped working for them & then worked for them again so they were all recorded as separate employment - if that makes sense.
Details have all now been updated, tax allowances have been re-allocated, tax code has been changed & the icing on the cake is that it appears that for the last 2/3 years i have been over-taxed so the likelihood is that in May i should be getting a nice big fat tax refund cheque!!!
Job done. Thank you.
So simple - i was dreading calling HMRC as expected the call be painful. It wasnt. Which surprised me somewhat.
Seems that a number were duplicated as i worked for some agencies, stopped working for them & then worked for them again so they were all recorded as separate employment - if that makes sense.
Details have all now been updated, tax allowances have been re-allocated, tax code has been changed & the icing on the cake is that it appears that for the last 2/3 years i have been over-taxed so the likelihood is that in May i should be getting a nice big fat tax refund cheque!!!
Job done. Thank you.
So simple - i was dreading calling HMRC as expected the call be painful. It wasnt. Which surprised me somewhat.
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