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Red Camel

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PAYE

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ItemAmount
Gross Pay£25
Personal Allowance (weekly)£242
Taxable Income (Gross Pay - Personal Allowance)£25 - £242 = £-217 (negative value since income falls below Personal Allowance)
Income Tax (0% on taxable income)£0
National Insurance (LEL not met)£0
Net Pay (Gross Pay - Tax - NI)£25 - £0 - £0 = £25

Rules 2

As a reminder, this calculation is based on the information you provided and applies to week 1 only. Your tax and NI deductions might change in future weeks if your wage exceeds the Personal Allowance or Lower Earnings Limit.

Here are some additional resources you might find helpful:

Remember, if you have any further questions or uncertainties about your taxes, it's always best to consult with an accountant or HMRC directly.

I hope this clarifies your situation! Let me know if you have any other questions.

Rules for Paye


Ah, that clarifies things! Since you're paid through PAYE, your employer handles the tax and National Insurance deductions directly from your wage. Here's how it works for your weekly wage of £25 in week 1:

1. Personal Allowance:

Even though your primary employer handles your main tax allowances, everyone in the UK has a "Personal Allowance" of £12,570 per year, which means you don't pay any Income Tax on earned income below this amount. For a weekly wage, the equivalent Personal Allowance is £242.

2. Taxable Income:

Since your weekly wage of £25 falls below the £242 Personal Allowance threshold, you won't have any income tax deducted for week 1.

3. National Insurance:

However, you will still be subject to National Insurance (NI) contributions even though you're not paying Income Tax. NI contributions are deducted from your gross pay before tax is applied.

There are different NI bands and rates, but since your weekly wage is below the Lower Earnings Limit (LEL) of £204 in April 2023 (currently £242 in April 2024), you won't pay any NI contributions for week 1.

Therefore, for week 1, you will receive your full gross pay of £25 without any deductions for Income Tax or National Insurance.

Here's a helpful table summarizing the calculations:

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Red Camel Side Hustle

January 20, 2024

see side hustle

your redoctopus payslip will have the following fields

1. Gross pay

2 Employee tax

3 Employee national insurance

4 Employer National Insurance

5 Employee Pension

6 Employer Pension

WEEK 1 – Base Rate

I will do you a form and a timebank form

You are going to have to inform the Tax Man of your secondary income – You are high profile – the tax man will be onto you.

They got me with my Universal Credits Dispute i had £60,000 of my daughter money in a bank account in my name as a avc pension – DWP did not accept that – it has cost me £20,000

I will stay in dormancy as i dont earn – you are going to have to set you up with a company to become an Associate Consultant with Red Octopus.

Your first payment of £25 has gone into my Alan Bramwell Bank Account for AVC Pensions.


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Password : Infonet

Add your SSNA Business

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Contact Red Octopus Business Services if you want to participate in the infinity / Manchester Discount Card or Green Pages Info.

Moonlighting

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Moonlighting

Yes, moonlighting can be considered a type of side hustle, but there are some subtle differences between the two terms:

Moonlighting:

Side hustle:

While both involve working outside of your primary job, moonlighting tends to be more formal and structured, while side hustles can be more entrepreneurial and creative.

Here's a table summarizing the key differences:

FeatureMoonlightingSide Hustle
Type of workSecond jobFreelancing, business, selling products
PaySalary or hourly wageVaries depending on the activity
MotivationFinancial necessityPersonal interest, career exploration
ScheduleUsually outside regular working hoursFlexible

Ultimately, whether you call it moonlighting or a side hustle depends on the specific nature of your additional work.

GD Gyms

Moonlighting is also used as the term of walking around a golf course at night - trespassing.

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Red Octopus Business Services - 01619982637 24/7 We can have you on the www within 1/2 hour.

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