Tax code question

[rccarguy3]

I have two jobs
The first one has full tax allowance £12000. Last financial year I was over £12000, but under £20,000

My second job is on BR tax code. Is it correct if my main job is say £14,000, then second job is BR?

 

[domtheone]

Sounds right. BR (Basic rate) so 20% tax on all earnings in your 2nd job.

 

[nheather]

Yes this is correct, your tax allowance can only go agaist one job.

Now say you had two jobs each paying £10k. Your tax allowance would still be against one and the other would be fully taxed at 20%. But in this case you have overpaid as you still have £2k of tax allowance unused - this would get sorted out at the end of the tax year when the HRMC will do the tax calculation across both jobs and refund you the over-payment (20% of £2000 = £400).

Cheers,

Nigel

 

[Freestyler8]

Actually you can split your tax code across two jobs which you might do of you had two positions each earning £5k, got example.

In your case, with a job really consuming all our say least not of your tax code, you wouldn't bother with this.

Nheather is right about if you don't use your full allowance in the job that has it.