I am considering taking on a second job on the weekends (on top of my full time job), I know it will be tiring but I only plan to do it until my financial situation improves. My daughter is 7 and my mom and nan have agreed to help out with this for a bit
I’m just wondering if anyone knows how this will effect
1. Tax credits – I think they will stop but if the second jobs pays more this is fine
2. Tax Codes – I keep googling and can’t get anything conclusive
3.Student loan – does this mean I will pay it back from both jobs
Just trying to wonder if it will be worth it – I don’t have a terrible life just really sick of just getting by (as I am sure many fo you can relate)
changevof circumstance means claimants automatically get moved to universal credit – this generally has lower thresholds and disadvantages lone parents especially. You need to be aware that once moved you can’t go back to tax credits.
Use a benefits calculator like entitledto and jiggle about with different scenarios
2. Tax Codes – won’t xhange. Justcebsuee you give them your code so you don’t pay emergency levels if tax with no allowances . However if you meet the next income threshold you’ll pay more tax etc
studebt loan -deductions would be counted against each job.
Thanks for that, I think its the tax codes that concern me most. Last year one of my old employers did some kinda of adjustment and sent me a wage slip for £30 but then deducted £30 (so I got nothing) but HMRC took this as a second job and placed me on a BR code which couldn’t have come at a worst time!
I think im just gonna go for it – if I end up worse off I’ll leave
It is ridiculous though that people have to even consider whether working more will be financially beneficial
I agree with everything said already. I would recommend doing a better off calculation. I use the turning point’s better off caculator (BOC) but you can also find other versions on direct gov and other various sites too.
ooo I haven’t heard off better off before I will try that]]and @solomummy annually my second job (which I have now been offered) will bring home more than tax credits but will have to see how the taxing situation goes