Am i going to pay income tax?

Watch
mxx454
Badges: 15
Rep:
?
#1
Report Thread starter 1 month ago
#1
So i’ve got a job recently thats £400 a week and i’m 18 just finished my a alevels. I’m only going to work there up until the end of September so it’s temporary. I know i’m paying NI and i think pension? But will i also pay income tax, i’ve done some research but i’m still unclear.
Last edited by mxx454; 1 month ago
0
reply
ROTL94
Badges: 20
Rep:
?
#2
Report 1 month ago
#2
Your personal allowance before you start paying income tax is £12,570 per year, now you earn £1,600 a month currently, multiply that by 10 (as the tax year ends in April) = 16,000, so yes, for those months you will be liable to pay income tax, but if your earnings fall below that threshold at the end of the tax year, then you would be eligible for a rebate.
1
reply
mxx454
Badges: 15
Rep:
?
#3
Report Thread starter 1 month ago
#3
(Original post by ROTL94)
Your personal allowance before you start paying income tax is £12,570 per year, now you earn £1,600 a month currently, multiply that by 10 (as the tax year ends in April) = 16,000, so yes, for those months you will be liable to pay income tax, but if your earnings fall below that threshold at the end of the tax year, then you would be eligible for a rebate.
Oh okay thanks and do you know how much income tax i’ll be paying? Is it the same for everyone or does it vary.
0
reply
ROTL94
Badges: 20
Rep:
?
#4
Report 1 month ago
#4
(Original post by mxx454)
Oh okay thanks and do you know how much income tax i’ll be paying? Is it the same for everyone or does it vary.
Name:  Tax.png
Views: 9
Size:  9.4 KB
0
reply
martin7
Badges: 19
Rep:
?
#5
Report 1 month ago
#5
(Original post by mxx454)
So i’ve got a job recently thats £400 a week and i’m 18 just finished my a alevels. I’m only going to work there up until the end of September so it’s temporary. I know i’m paying NI and i think pension? But will i also pay income tax, i’ve done some research but i’m still unclear.
You don't say when your job started, but let's say your job starts at the beginning of June and ends at the end of September. That's 4 months in total. 4 months is 13 weeks, so £400 a week means a total salary of 13*400 = £5200.

The standard personal allowance is £12570 per year. The tax year starts on 6th April, so the end of September is near enough half way through the tax year. Half of the personal allowance is £6285.

So, when you finish, you'll have earned £5200, which is less than the cumulative total personal allowance at that point in the year (£6285). So you shouldn't pay any income tax (assuming, of course, that you haven't received any other taxable income since the start of the tax year).
0
reply
Kogomogo
Badges: 18
Rep:
?
#6
Report 1 month ago
#6
You may already be paying it so check your payslip or ask your employer if you think so. Ringing hmrc may be able to tell you too. With some jobs it just comes out in little bits every paycheck on the assumption that you'll earn over the threshold and need to pay it anyway, saving you from having a big bill once the tax year gets processed. If you've overpaid this way you can also get a refund once it's processed.
0
reply
Emma:-)
Badges: 19
Rep:
?
#7
Report 1 month ago
#7
(Original post by ROTL94)
Your personal allowance before you start paying income tax is £12,570 per year, now you earn £1,600 a month currently, multiply that by 10 (as the tax year ends in April) = 16,000, so yes, for those months you will be liable to pay income tax, but if your earnings fall below that threshold at the end of the tax year, then you would be eligible for a rebate.
I agree
1
reply
X

Quick Reply

Attached files
Write a reply...
Reply
new posts
Back
to top
Latest
My Feed

See more of what you like on
The Student Room

You can personalise what you see on TSR. Tell us a little about yourself to get started.

Personalise

Are you tempted to change your firm university choice on A-level results day?

Yes, I'll try and go to a uni higher up the league tables (9)
39.13%
Yes, there is a uni that I prefer and I'll fit in better (2)
8.7%
No I am happy with my choice (12)
52.17%
I'm using Clearing when I have my exam results (0)
0%

Watched Threads

View All