Two part-time jobs - tax implications

[Rois]

I am currently working 2 days per week on a part-time contract. I have now been offered another part-time job (casual up to 60 days per year). Does anyone know what I need to do tax wise as I will now have 2 different employers?

 

[Black Sheep]

Contact revenue and tell them the date you started in your second job and ask them to split your tax credits and SRCOP in the most benificial way to suit your situation. You will need to give them your new employers registered No. and the approximate earnings expected in the new job.
They will then send amended tax certs to both employers. Perhaps they may not do it till the 2009 tax year as they have a cut off date for such changes. If that is the case you can send both P60's (copies) to sort 2008 and do the split for 2009

 

[Rois]

Thanks for your reply Black Sheep. I start the second job next week so I think I should just wait till 2009 to have it sorted with the revenue. What I forgot to consider is that as it's a relief job, there is the possibility that some months I won't get any work at all, whereas other times I might have to do up to 3 weeks in a row. Also, what's SRCOP please?

 

[Sue Ellen]

Also, what's SRCOP please?

SRCOP = Standard rate cut off point.

Explanation on www.revenue.ie

[broken link removed]
3. What is my Standard Rate Cut-off Point?

Your standard rate cut-off point is the amount of your personal standard rate tax band 20%. For each pay period, weekly, fortnightly or monthly, you pay tax at the standard rate of tax up to your standard rate cut-off point. Any income over your standard rate cut-off point is taxed at the higher rate 41%.

Example:

Ann has a weekly standard rate cut-off point of €680.77 and she earns €750 per week. This means that the first €680.77 of Ann's wages is taxed at 20% and the balance €69.23 (€750 - €680.77) is taxed at the higher rate 41%.

 

[Black Sheep]

It does not matter if you have no work some months as long you have (roughly) the total yearly amount. Revenue will work out the best split for you. At least I have always found them very helpful

 

[Rois]

Thank you that's great as it's 60 days per year (roughly). As I said, I will wait till 2009 to contact revenue. Thanks again for your help and Sue Ellen.