tax

[peterbaz]

hello folks i took an early retirement offer with my company aged 60 i retired in 2011 with a lump sum and a pension ,,, ive been offered a part time job and im wondering how much tax i would pay can i find out on line or is there another way

[factor-fiction]

http://www.thetaxcalculator.net/
You'll need to add your pension earnings and part time earnings together. The figures will not be exact though for the current tax year as your part time earnings cover only part of the year

[peterbaz]

thank you factor30 so easy and helpful thanks again

[ipek]

It all depends on how much pension you get and how much the job pays.

Basically you would normally be entitled to a tax free pay allowance of £8109 this year. This is probably currently set against your pension (see your payslip), so any amount above this would be taxable at 20% up to £34,370 per year, with higher tax after £150,000 per year. Usually any second income would initially be taxed at 20% on the whole lot, as you have had your tax free allowance on your pension.
However, if your pension is less than £8109, you can have the difference set against the income from your job. This would need to be done by HMRC, who would issue another tax code to your employer.

I work in pension payroll so this comes up all the time - I would recommend talking to the tax man, even now, because they can give you figures based on your current situation