RE: Personal Allowance Watch

Kemik
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#1
Report Thread starter 10 years ago
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A quote taken from the Tax thread.

Your personal allowance will be on any pay slip. It will be 3 numbers. This year mine (most peoples, and likely yours) wil be 543, your usually times this by 10 but this year its * 10 + 5 which means your personal allowance is £5435.

If you are on PAYE it means you can earn this before paying income tax:

Daily: £14.85
Weekly: £103.95
Bi-Weeky: £207.90
Monthly: Depends on the number of days!

*NB - your personal allowance is likely to change in September because of the 10p fiasco!*
I've been working at a part time job for the past year and a half. Since the start of the new tax year I've earned £800 and never been taxed because I'm on the correct tax code (549L). However, I'm starting an internship next week where I'll be on £350 a week.

Will I be taxed on the £250 that I'm over the £103 weekly allowance or will it wait until my cumulative earnings are above the £5500 personal allowance?

Should I fill out a P38 even though I already have a tax code?
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Orthala
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(Original post by Kemik)
A quote taken from the Tax thread.



I've been working at a part time job for the past year and a half. Since the start of the new tax year I've earned £800 and never been taxed because I'm on the correct tax code (549L). However, I'm starting an internship next week where I'll be on £350 a week.

Will I be taxed on the £250 that I'm over the £103 weekly allowance or will it wait until my cumulative earnings are above the £5500 personal allowance?

Should I fill out a P38 even though I already have a tax code?
I did the weekly/bi-weekly/monthly thing because with PAYE, it depends how often you get paid.

If you get paid weekly then yes, the £250 over £103 will be taxed. If its monthly then its whatever and if its bi-weekly its blah. (I can't be bothered to work it out lol).

How long is the internship for?
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Kemik
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(Original post by Orthala)
I did the weekly/bi-weekly/monthly thing because with PAYE, it depends how often you get paid.

If you get paid weekly then yes, the £250 over £103 will be taxed. If its monthly then its whatever and if its bi-weekly its blah. (I can't be bothered to work it out lol).

How long is the internship for?
8 weeks so my total wage won't go over the £5500 allowance. It'll be £800 + £2800 = £3600
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Orthala
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(Original post by Kemik)
8 weeks so my total wage won't go over the £5500 allowance. It'll be £800 + £2800 = £3600
Ok thats cool. Are you planning on working for the rest of the year?

If not, fill the P38 and you're good to go.
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Kemik
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Ok. I'll have to get one printed and send it off. To be fair, HR did email me with a copy of the form but when I rang them and said I already have a tax code they said I should be ok.

Suppose it's best to fill out a P38, just in case.
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