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Aspiring Lawyers - Applications & General Advice
General Discussion
Tax implications of a VS for current full time workers
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<blockquote data-quote="TCLA Community Assistant" data-source="post: 153291" data-attributes="member: 2672"><p>That depends on your earnings across the financial year. Emergency tax is only calculated on the basis of the 20% tax rate, so you would only get a rebate if you have not received your full tax allowance of £12,570 from your current employment. If you are on a higher tax rate (earning over £50k) then you might owe HMRC.</p><p></p><p>There is no harm is asking the second firm whether you can move to a summer scheme or a direct TC process. The worst they can say is no, but you’d be turning them down anyway, and so your position is not going to get any worse than it is now, but could get better by asking.</p></blockquote><p></p>
[QUOTE="TCLA Community Assistant, post: 153291, member: 2672"] That depends on your earnings across the financial year. Emergency tax is only calculated on the basis of the 20% tax rate, so you would only get a rebate if you have not received your full tax allowance of £12,570 from your current employment. If you are on a higher tax rate (earning over £50k) then you might owe HMRC. There is no harm is asking the second firm whether you can move to a summer scheme or a direct TC process. The worst they can say is no, but you’d be turning them down anyway, and so your position is not going to get any worse than it is now, but could get better by asking. [/QUOTE]
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Tax implications of a VS for current full time workers
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