I have been offered a job of 14 hours a week at £7.80 an hour , im not sure wether im taxed after so many hours, or because of the amount i will earn.
2006-06-06 04:12:34 · 10 answers · asked by marty 2 in Business & Finance ➔ Taxes ➔ United Kingdom
In one financial year, you can earn up to £5,035 at the moment before being taxed.
For one year, that job would earn you 7.8 x 14 x 52 = £5678.4
So you would pay tax on 5678.4 - 5035 = £643.40
The amount of tax you pay on this over a year would be very minimal.
You would also have to pay National Insurance. The threshold for this is £97 a week. You'd earn £109.2 a week. However, again, this would be minimal.
If you are a single parent, working parent, or returning to work after a long abscence, you might be entitled to further tax benefits.
Check at your local job centre, a financial advisor or at your local citizens advice bureau.
2006-06-06 04:25:57 · answer #1 · answered by Mudkips 4 · 2⤊ 0⤋
Add 9 onto the end of your tax code. Most people are on tax code 503L this is 5039 per year before you pay tax this is
about 420 per month or 97 per week. Therefore 97 divided by 7.80 is just over 12 hours per week. If it only goes over the limit slightly you will only pay 10% tax
2006-06-06 18:00:19 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The amount you are allowed to earn before tax depends upon your age. There are set limits known as Living Expenses that you can earn before paying tax. Best thing to do is speak to your local job centre or tax office to find out the amount you can earn before you need to pay tax.
2006-06-06 11:18:58 · answer #3 · answered by bpooljames 2 · 0⤊ 0⤋
with the pay per hour you will almost certainly have to pay tax as you will be over the tax free bracket. If you are not self employed your employer will deduct this before he pays you. If you are classed as self employed you will ahve to save an amount each month so that you have the money to pay your tax dues at the end of the financial year.
2006-06-06 11:27:58 · answer #4 · answered by mike-from-spain 6 · 0⤊ 0⤋
On your P60, there should be a tax code, this code states how much you can earn a year before being taxed so if your tax code was 454L, you can earn £4,540 pounds a year without being taxed, anything over this amount, you will be taxed on.
2006-06-06 11:16:24 · answer #5 · answered by E&P 2 · 0⤊ 0⤋
it's not hours it's based on the amount you earn.
Your tax code tells you how much you can earn before you pay tax.
2006-06-06 11:15:38 · answer #6 · answered by JeckJeck 5 · 0⤊ 0⤋
i think if you earn over 4000 in a year then you pay tax. that probably is subject to stuff i dont know about though.
2006-06-06 11:17:08 · answer #7 · answered by well_clever_i_am 3 · 0⤊ 0⤋
once you start work taxes come out. unless you are getting pay under the table ( off the books)
2006-06-06 11:16:58 · answer #8 · answered by IndyMM 5 · 0⤊ 0⤋
i don't know the hours you have to work but i work 18.5 hours a week & on £5.20 an hour i don't pay tax
2006-06-06 11:21:41 · answer #9 · answered by amy m 2 · 0⤊ 0⤋
Actually I believe it is a dollar amount, for example my state is $5,000
2006-06-06 11:17:47 · answer #10 · answered by Yankee Empire 5 · 0⤊ 0⤋