Emergency Tax

[solotroubles]

hey i'm new here, and my first post is too ask, which to me, is currently a very difficult topic. I've just recently started my new full time job, i joined on the 18th, and the companies pay day is on the 21st. due to this i am to be paid on the 29th of this month. i am due to have 2 weeks wages, plus also my wages from my previous job which i par-took in whilst i was at college taking my A levels. I'm currently un-sure about the amount of what i'm going to be taxed. I have two P60 which i produced during a HR meeting, and my current tax code following the tax year of 2005 is 474L.
I'm so confused about how much i am to be taxed, and that is, if i am to be taxed. any help would be appriciated :mad: :)

[Tezcatlipoca]

:welcome:

474L is a normal tax code, not emergency :)


(well, unless I've been on the wrong tax code for the past 6 years! :disturbd: :erm: )

[Dave Stones]

when i was on emergency tax i was given the BR code, basic rate i think... 22%, it stung :(

[solotroubles]

:welcome:

474L is a normal tax code, not emergency :)


(well, unless I've been on the wrong tax code for the past 6 years! :disturbd: :erm: )

So do this mean that i will be on this code until april 2006?? bloody income tax, it confuses the hell out me.

[Paul K]

If you started your new job on the 18th then the likelihood is that you will pay emergency tax this month on your wages for that job. Your previous jobs wages will be taxed normally as they will have had your tax info for a while and will continue to use those details for your final pay packet.
You should only get caught for emergency tax on the new jobs wages and I think it can be around 25% but I'm not sure.

[Julian]

P60's are issued at the end of a tax year and therefore have no relevance to the current tax year.

If you are on emergency coding your code will show " week 1/month1/BR" :)

Edit... you should have signed a p46 form when starting if you could not produce a p45 for the current tax year

[Paul K]

:welcome:

474L is a normal tax code, not emergency :)


(well, unless I've been on the wrong tax code for the past 6 years! :disturbd: :erm: )
Nope it's normal but his new employers probably won't have got his tax info from the old employers if he only started last week, they quite often take a month to get things straightened out. His old job will tax him with his old tax code but the new employers will have to put him on the BR code as they won't have his paperwork through yet probably.

[Chris]

No, I don't think you will get emergency tax because you have P60s to allow your new employer and the Revenue to find your records in the system. You should only ever pay emergency tax if the Revenue don't have a clue what to do with you. That is not the case here. You should continue to pay tax at the same rate as you did previously.

[solotroubles]

If you started your new job on the 18th then the likelihood is that you will pay emergency tax this month on your wages for that job. Your previous jobs wages will be taxed normally as they will have had your tax info for a while and will continue to use those details for your final pay packet.
You should only get caught for emergency tax on the new jobs wages and I think it can be around 25% but I'm not sure.

My previous job i wasn't on a mega amount due to the fact that is was part time, and i only did the max. of 12 hours a week and was on 4.75 and hour. this new job however, i am on 35 hours a week and on 5.95 and hour....i'm just trying to work out how much i will be taxed for my new job....because i have so much to pay for lol

[Paul K]

You'll probably clear about £600 a month at that rate but I'm not 100% sure about the numbers. Think you may be on about 17% tax but then you will have NI as well to take off.

[Julian]

If it's any consolation... any tax you may overpay in the early days will ba refunded, if due, when your tax code is sorted out. :)

[Paul K]

No, I don't think you will get emergency tax because you have P60s to allow your new employer and the Revenue to find your records in the system. You should only ever pay emergency tax if the Revenue don't have a clue what to do with you. That is not the case here. You should continue to pay tax at the same rate as you did previously.
Only if the forms and info has gone through prior to his first pay date, which unfortunately falls within a week of him starting his new job.

[Angua]

Useful info for tax purposes here (http://www.direct.gov.uk/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/BeginnersGuideToTaxArticles/fs/en?CONTENT_ID=4015472&chk=iIHw8P)

If you estimate about 25% to 30% deduction for tax and national insurance on the total amount you shouldn't be too far out.

[jellybaby]

If you estimate about 25% to 30% deduction for tax and national insurance on the total amount you shouldn't be too far out.

Thats how i work mine out....and its never far away :)