Tax allowance

[PhilAtBFCA]

PAYE allowance

Hi Mustang

I would P45 from your existing employer, yourco, and then pass to your new employer.

Phil

[Mustang]

However, you could consider not having any PAYE from your company ? Then the PAYE employer is your only PAYE job and you will get the tax allowance on it ? Phil

Phil, thanks for the response.

This is what I was planning to do - i.e. have all the allowance passed on to the PAYE job. How do I do this? Create a P46 or some other form from MyCo and pass to the PAYE job?

[PhilAtBFCA]

Tax Allowance

Hi Mustang

I think you will find that you will need to complete forms with your PAYE employer. If its a P46 then the way you complete the form will mean that at first BR will be applied.

You will then need to speak to your tax office as dmini said and ask them to change the allocation.

If the PAYE job uses up the personal allowance then you probably wont have any problems, if it doesnt and you need the personal tax charge split between two regular employments, this can be done, but its more complex, especially if the two employers are with different tax offices.

However, you could consider not having any PAYE from your company ? Then the PAYE employer is your only PAYE job and you will get the tax allowance on it ? You would obviously have to consider the impact of not having PAYE from your company but if your paying minimum salary to pay some small NI, then if you pay NI on the other job then you could think about having no salary on your company. ( Whether to do that or not depends on your personal circumstances so I would take advice ).

Phil

[dmini]

Depends on your tax office.
What I do (have done) is phone up and say "I have these three jobs, can I put my allowance onto this one" They say yes. Then I ask if it can be week 1'd (as otherwise you have to pay BR tax on the money you have previously taken from yourco - ALL allowance would transfer across)
Depends on the tax office though - ours down south have always been friendly - i had a northern one for a bit and they wouldnt agree to anything!

[Mustang]

Thinking of taking some part time work (PAYE) to ensure the nest egg stretches further in the current climate.

What forms do I have to fill out with MyCo and any new employer to shift my tax free allowance from the salary I draw from MyCo to that of the new Co?

I will let me accountant sort it out but I want to do some background work first.

TIA