P46 Help please lol

I started a new job on the 8th october, and filled in a P46 the same day. I get paid on the 10th november for the month.
Questions lol.
1. Is a p46 the thing you fill in when you dont have a p45, and it stops you getting taxed?.
2. If so, how long would it take to process?
3. Do you think it will be processed by the time i get paid on the 10th nov. (basically will my first pay be taxed? if so how much?)
4. Since Ill be getting paid looooads on the 10th november hopefully, would it be wise to spend the feeble £80 i have sitting in the bank? lol
Thanks loads
adam
:smile:

Reply 1

slothie

Hi
1. Yes
2/3. I don't know how long it takes to process, but i got paid about 4 or 5 weeks after I started working, and I did get taxed. It wasn't a huge amount. I think the HM Revenue & Customs website tells you the % of your wages you get taxed without a special tax code: http://www.hmrc.gov.uk/
It might not be the same for u though, could be that my employer was slow to send off or something!
4. Spend it if you need to but could be safer to hold on to it, or spend half?!

Reply 2

DrNick2006

How much are you going to be earning? I only ask because of the phrase "Ill be getting paid looooads" :smile:

If it's over (about) £95 a week, you will be taxed slightly anyway. But that's besides the point.

When I started my job, they did my P46 within two weeks, and my first payslip was tax-free. If not though, from the experience of my friends, it's been somewhere between 10 and 33% being taken off in tax before it's been amended. But you will get any back if you don't have to pay it.

Reply 3

Chris.

DrNick2006

How much are you going to be earning? I only ask because of the phrase "Ill be getting paid looooads" :smile:

If it's over (about) £95 a week, you will be taxed slightly anyway. But that's besides the point.

Yep, the tax free yearly limit is (roughly) 4k. So if you're weekly wage suggests you'll earn more than this over a year, you'll be taxed slightly regardless of p46/p45 being sorted in time.

In all likelihood it won't get sorted in time for your first paycheck, in my first job I got emergency taxed (the code for emergency is "BR") for my first two paychecks then in my 4th I got it all back.

I'd be very surprised if you didn't get fully taxed on at least your first paycheck.

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