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Tax on earned wages
Have (hopefully) got a job lined up for the summer, it's on minimum wage, but with lots of hours should be earning upwards of £400 a week.
I was wondering how much of this would be taxed before i got it, and if it would be taxed again on recieving it.
For the record, I'm 18, and planning to save money for traveling later in the year.
I was wondering how much of this would be taxed before i got it, and if it would be taxed again on recieving it.
For the record, I'm 18, and planning to save money for traveling later in the year.
I think you have to pay national insurance on the amount you earn in a week if it's over a certain amount and you can't get that back, but if they make you pay tax then you should get that back when you fill in your tax return because i'm guessing you won't earn over the amount you are allowed to before paying tax.
That's what happens on the IOM anyway... it may be a little different in Scotland i'm not sure!
That's what happens on the IOM anyway... it may be a little different in Scotland i'm not sure!
TomandJerry09
Have (hopefully) got a job lined up for the summer, it's on minimum wage, but with lots of hours should be earning upwards of £400 a week.
I was wondering how much of this would be taxed before i got it, and if it would be taxed again on recieving it.
For the record, I'm 18, and planning to save money for traveling later in the year.
I was wondering how much of this would be taxed before i got it, and if it would be taxed again on recieving it.
For the record, I'm 18, and planning to save money for traveling later in the year.
Have you got a P60 from a previous employer? If not, make sure your employer has the right tax code.
I think the threshold is about £4500 for this tax year, although may be more/ less.
I don't think you'll be paying National Insurance, best off to ask your parents/ HR department.
You should have a document somewhere with your tax threshold on it (not sure if it came with national insurance card or something but I've definitely got one somewhere).
If not, if you can find out what your tax code is then multiply the numbers of it by 10 and you should have your threshold (I think that's right!). Check out the directgov website though - it's useful!
If not, if you can find out what your tax code is then multiply the numbers of it by 10 and you should have your threshold (I think that's right!). Check out the directgov website though - it's useful!
You'll most likely get taxed as you go along. However once you're done with work make sure you get a p45 for that time and fill out a P50 form downloadable from the government tax website. It's a form you fill out if you're not going to be working for at least 4 weeks and they'll give you a tax rebate.
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