Am I losing money because of too much bank shifts? | Nurse Bank Shifts | UKRN

[@teresitapilapil9601]

Too much earning means too high taxes to pay. That is the system of taxation here in UK. If you want to save from your earnings, do 2 extra shifts because one shift will pay the taxes and the other shift will be your savings. I had done it before.

[@kamote_korps]

Thats what will i do...

[@winniejoyk1336]

Is that like 2 extra shift in eachweek?

[@akosiamarillo]

Spend time with your family. Earn a lifetime of joy and happiness. No tax there.

[@RuthEwuraAdjoaTetteh]

Thank you for this video Jake. Good bless🙏🏾

[@nursejakeUK]

You're welcome Ruth ☺️!

[@harjitbains32]

Great video mate. Very informative. 👍 I've been on a/l this week but did some bank shifts as a BMS but made sure I stayed under the threshold.

[@sandrarobinson7701]

Thanks for explaining it so well.

[@littleprincessmeghan]

Sir Jake, very helpful and informative vlog parehas nako hilig mag bank,,,,salamat kaayo!

[@nursejakeUK]

Walay sapayan! Taga asa ka diri mam? Bisaya represent! ☺️

[@littleprincessmeghan]

@@nursejakeUK Southampton ko sir.

[@alishatyrewala2673]

Thanks Jake! Much needed info

[@catherineahonsi4989]

EXCELLENT EXPLANATION

[@ludiapap3528]

Hi, thank you for the vert useful video. Can you explain what is the payment when you do a overtime on Bank holiday? (Its a different pay if the bank holiday is Friday day shift or night shift? )

[@nursejakeUK]

Hi Ludia. Day shifts are normal rate. Night and Saturday have the same enhanced rate. Sunday long day and Bank Holiday have the same rate. If the bank holiday falls on a friday, that 24 hr period (from 12midnight to 11.59pm) are paid at bank holiday rate. Only one rate is applicable, whichever is the highest.

[@shubhamsonawane5597]

Thanku jake for this😊

[@nursejakeUK]

You're welcome Shubham 😊.

[@JoyceLuna]

Informative! Thanks 🙌🙌

[@ursulafilby5086]

Thanks for the explanation

[@nursejakeUK]

You're welcome Ursula!

[@yaohuiwang4065]

So informative, thank you sir!

[@nursejakeUK]

You're welcome! Thank you for taking the time to watch. ❤️

[@_caswell]

Great video, thank you 🙏🏾

[@nursejakeUK]

Thanks for appreciating David! Have a good day 🌞.

[@xavier4260]

Best thing is not to go over 100k because you will lose you personal allowance

[@nursejakeUK]

Thanks for sharing that!

[@jgg906]

Do they deduct NI from Bank shift. OT NONCUM is coorect tax code for Bank shift?

[@olalekanakinola3986]

That tax code is wrong and you are losing a lot of money

[@nursejakeUK]

Hi there. Yes NI can still be deducted from bank shift pay if you reach the threshold. Your tax looks like a temporary one. Contact HMRC to change. Make it clear that you have a main job and this is your bank/second part time job.

[@woelno]

hi sir Jake. salamat sa informative video. on average I'm doing one bank/week, I opted to be paid weekly (delayed 1 week or bale every other week ang sweldo) and naka separate payslip sya (same account number but with "-2" lang ). ask lang ko kung naa ka idea how my bank pays are being taxed? just in case naa ka kaila na ani pud ang scenario. hantod man gud ron wa pa nako ma figure out. basin pareho ko sa imo friend na makurat nalang sukton kalit ni HRMC sa end of tax year. 😅

[@nursejakeUK]

Hi Woelno! Thank you for watching. The best way to see how much you are taxed for the bank shift is to look at the payslip and work out if the tax deducted is 20% or 40% from your taxable income. If you are doing 1 bank per week then that should be within 20% tax bracket.

[@benudaviddavid512]

What if we earn above ....50000 annually is it only the extra that we earn will be charged 40 percent...??

[@nursejakeUK]

Yes that is correct.

[@benudaviddavid512]

@@nursejakeUK Hi Jake sorry to be a bother but i have another doubt the moment you cross 50000 will 40 percent be deducted from the monthly salary aswell??

[@michellebroomes5265]

Great work

[@nursejakeUK]

Thank you 😊❤️.

[@eleven8338]

They say dont do bank shift shifts on weekdays because it will only go to your tax

[@nursejakeUK]

Hi there! This is not true. Of course you can still get a net income with bank shifts. It just might seem smaller because of there are no enhancements (night or weekend rate). So it's worth asking yourself, "Am I happy to earn around £150 or less for a full weekday shift? Or would it be better to use this day to rest?"

[@ashasyam6019]

What if we do 3 banks per week and released 1 per week .Is it affect taxing

[@nursejakeUK]

Hi Asha! It would appear that you get less if it's all paid at the same time. But as mentioned in the video, do not worry because at the end of the tax year, it will be recomputed and if you overpaid your tax, you will get a refund.

[@henlo3963]

Hi Jake. Idk if this is related to this video. I’ve been having problem with my pay, I am not having bank shifts yet. So the problem is, I got a different accommodation deductions compared to my other cohort where in fact they should be expected to have a bigger one than mine. Is it really like that?

[@nursejakeUK]

Hi Henlo! Not related but happy to help. It's funny how I had the exact same concern before. So with hospital accommodations the rate changes regularly. Depending on the institution, old residents can continue paying the rate when they first came. Whoever is the latest to arrive will have to start on the most current rate. I had one before where the tenant in the next room paid £375 whereas I was paying £450. He was there already for like 5 years. His rent was increased over the years but it started from a cheaper rate years back. I hope this clarifies your concern. Don't forget to check out my other informative videos and my "Renting in the UK" playlist. These may help with future scenarios. God bless!

[@henlo3963]

@@nursejakeUK Thank you for replying. Magtatagalog nalang po ako hehe. Yung kasabay/cohort ko po na pumunta dito sa pinas, sila po yang tinutukoy ko na hindi the same saken ang deductions sa accomodation. Same din kami ng tinitirhan na accomodation. Kaya po ako naguluhan ako. Hehe

[@nursejakeUK]

@@henlo3963 Sa amin dati depende sa floor iba pala sizes ng room at kung recently refurbished yung room, mas mahal sya. Iba iba talaga. If you have the same size room, in exact conditions and came in the same cohort, might be worth asking the accommodation manager in case nagkamali sa yo at bakit mas mataas sayo.

[@henlo3963]

@@nursejakeUK thank you po 😊

[@melkhapereira]

What about when we do bank on annual leave ?

[@nursejakeUK]

Hi Melkha. When you are on annual leave that period is still paid on your regular salary. So the computation would still be on top of what you regularly get paid that week.

[@raymarcarloballeta5202]

What will you recommend for band 5 top of the band, 1 bank shift per week or 2 bank shift per week?

[@nursejakeUK]

Hi Raymar. It will depend on your need. At the end of the year it gets recalculated anyway. If they taxed you 40% initially and then actually your 1 year salary did not reach the bracket then you will have a refund. For me 1 shift per week is better. It still gives you time to rest so you don't burnout.

[@limya8367]

Hi, what is, NI A deducted from salary, but it's not deducted in every bank shifts

[@nursejakeUK]

Hi @Limya, thank you for watching and leaving this question. NI A is the National Insurance category for most employees in the UK. Some groups like married women, under 25, under 21 etc have a different category. See full government categories here: www.gov.uk/national-insurance-rates-letters/category-letters It should also say the same (NI A deduction) for your bank shift payslip. I'm not sure of the circumstance for your bank but check other bank payslips and you will see NI A is also deducted.

[@sambelinda8449]

Hi Jake, should the Tax Code for Bank shift be the same as that of Regular shift, Mine has different tax codes and it’s getting me confused

[@nursejakeUK]

Hi Sam. Bank work has a separate tax code initially as it is considered a separate employment/job. But if you do self-assessment online, you can put all your employments together so you have 1 tax code only. Self-assessment online is a whole complicated process in itself. It's up to you if you want to do that. I have since stopped doing that since all my employments have been put into one tax code already. At the end of the tax year anyway all your earnings will be recalculated so it will still be corrected if you paid too much tax and get back a refund. In short, if you find that the tax deducted from your salary is more or less 20% (or up to 40% if you do too many banks), then it should okay.

[@adeolaoke4165]

@@nursejakeUKas an nhs staff how did u put ur bank shift together

[@abcmd139]

hi Sir. pwede mag ask regarding agency nurse. once a week? okay ra ba na.

[@nursejakeUK]

Hi @NurseCha, yes okay ra gyud once a week na agency.

[@johnbecite9891]

Hi Jake. Is the HCA included in the tax computation? Thank you po

[@nursejakeUK]

Hi John. If you mean High Cost Allowance or London Allowance, included po siya sa taxable amount.

[@CarminaVee]

So di ako pwede mag sideline other than bank shifts (me wants to make organic soap and diy resins) 🙂

[@nursejakeUK]

Pwede mag small business (unofficial). Pwede mag Ebay, Shpock, Gumtree, Etsy

[@CarminaVee]

Ay Sige message kita about that,heheheh🤗🙂

[@simimariamsam1983]

Is it okay,If I am doing 4bank shift in a week during annual leave?

[@nursejakeUK]

Hi Simi 😊. You might be taxed at 40% rate but only for that week's pay. Don't worry at the end of the financial year, it will be balanced and any excess tax wil be refunded to you if you actually did not meet the total salary to be taxed at 40%. If you to receive a bigger amount (taxed only at 20%), then you can ask the manager to sign off 2 for this week, then sign off the remaining two the following week.

[@SheenaRN90]

Hello. Ano po ang taxcode dapat for bank shift? Thanks!

[@parostha26]

informative

[@manjupm4590]

If my salary is 25655. /annum how much I can earn with 20%tax?

[@nursejakeUK]

Hi Manju, thank you for watching! The exact figure will vary cause you still have the NI and pension (NHS or private) deductions. Before these deductions you'd have around £20,524 (per year).

[@eleven8338]

What if you do it as OT

[@nursejakeUK]

Hi there! As far as I know, any hours beyond your regular hours agreed to be paid as OT is the same as bank pay. UNLESS you claim back the hours and work less hours on a different shift.

[@grahamrotherham220]

Very informative, however I like receiving the tax refund 👍 I treat it like a savings account 😀

[@nursejakeUK]

Thanks Graham. That's a great way to look at it 👍

[@Rowena-cr1wo]

hi sir,thank you for this informative video. Just want to ask po,the hospital i'm working gives our bank shifts salary every month. Does it still applies po ung inexplain mo about taxation weekly?thank you :-)

[@nursejakeUK]

Hi Liz. Thank you for watching. For you case, compute it per month rather than weekly. Multiply the weekly cap mentioned by 4 and that's your monthly.

[@Rowena-cr1wo]

@@nursejakeUK hello,thank you for replying on my msg. Since monthly po ang bank salary namin,ok lang po ba na sunod2 aq mgbank sa isang lingo,halimbawa 3days taz ndi n aq mgbank in other weeks Ok lang ba un sir,or dapat every week p rin?tnk u

[@nursejakeUK]

@@Rowena-cr1wo Hi Liz. Since lahat babayaran at the end of the month, then one computation lang. Either way okay lang.

[@saurav9188]

Can first year nursing students take bank shift ?? How much a nursing student can earn while studying ??

[@nursejakeUK]

Hi Saurav! Yes nursing students can do bank but as healthcare assistants (HCA). How much you can earn depends on the HCA rate for the hospital and the number of shifts you do. But it can be very useful, not just financially, but clinically as you get more clinical experience and see how things work in different areas. Check your local hospital for the actual hourly pay rate for HCA.

[@janin4real]

👍👏❤

[@nursejakeUK]

Thank you ❤️

[@aprilRoseR]

This is applies to bank shifts that are paid weekly amirite?

[@nursejakeUK]

Yes

[@nursejakeUK]

But the general taxation bands are applicable to all incomes in the UK.

[@aprilRoseR]

@@nursejakeUK thanks! we are paid monthy on banks, so easier computation I guess

[@aprilRoseR]

@@nursejakeUK and this is PayE iba pa yung NIA?

[@nursejakeUK]

@@aprilRoseR Yes that's just tax. Whatever is left still needs NI and NHS Pension deduction.

[@co3014]

Until now nalibog ghapon ko. Uhmm same ra ba ang OT and bank shift? Hehe! :)

[@nursejakeUK]

OT can be like regular shift and time worked extended for a reason. Like instead of 20:00 your manager can change the time to 21:30 because you stayed there until 21:30 because of cardiac arrest. Bank is any shift that you do besides your regular shift, as part of the temporary staffing/ bank staff. This is different from agency work.

[@co3014]

Sa amin po kasi if we want to work extra shifts, OT ang tawag nila. And the pay is kasama sa salary per month. :) Ang bank shift po ba ay yun ang weekly pay? Thank you! :)

[@nursejakeUK]

@@co3014 Yes po. Bank is weekly pay. Agency shift depends on agency, some pay the next day.

[@co3014]

Oh okay. Thank you :)

[@nursejakeUK]

Bisdak pud ka? Asa ka dapit sa UK man?

[@jellyfish2112]

Hi. How to get refund/return from HMRC? Do we have to apply for it? Or is it automatic?

[@nursejakeUK]

Hi. It will be automatic.

[@pristinelumapas9414]

Hi Jake, so if annual leave ko this week noh, then ni book ko ug 3 night bank shfts ana, so mas dako akong tax? Sakto ba? Thank you

[@nursejakeUK]

Hi Pristine! Thank you for watching and leaving a question. Yes if grouped together (3 shifts) plus are you still paid for your annual leave days this week then you will be taxed higher if the total goes beyond the brackets mentioned. BUT do not worry at the end of the financial year this will be recalculated and any excess tax taken will be refunded. So kayod lang gyud kung kailangan ug wawarts 😊. And don't forget to have savings for emergencies.

[@pristinelumapas9414]

@@nursejakeUK thank you Jake sa imong reply :) Kaila akong husband nmo from PSH, cathlab. Kita man xa nag watch kos imong mga vlogs. 😊 Thank you again Jake for ur informative vids.

[@nursejakeUK]

@@pristinelumapas9414 Mao ba! Unsay name? Pa regards lang nya ko to your whole family. Bugnaw na raba balik. Stay warm and safe.

[@pristinelumapas9414]

@@nursejakeUK Glendale Badon. Barkada sila ni Charle Merecido. Lagiiiii. Wa man lang ko naka thorpe park hahah. Nahimo naning chatbox imong YT channel ba. 😂 Amping pd. See you around. 😁

[@naomimunthali6281]

Hie Jake. Will doing 2 bank shifts every week and one in the last week get me to the 40% bracket? A total of 7 a month

[@nursejakeUK]

Hi Naomi! Thank you for watching and leaving a question. This will depend on the role (and rate of pay) and the frequency of payment. If you get paid weekly - 2 bank shifts per week along with 37.5 hours regular work may put you on the 40% bracket yes. It is important to remember however that at the end of the financial year, your total salary will be added up and if it turns out you haven't reached the yearly bracket then whatever excess tax taken will be refunded to you. Although this may take several months before the cheque will be mailed to you.

[@oluayo3923]

The truth is that if you earn above 50k, any amount you earn above that will be taxed at 40 percent. The arguement in this video makes sence only if you plan not to eant above 50k in a tax year. If you plan to earn above 50k then just work your hours and let the excess be taxed at 40 percent.

[@davidweyime748]

​@@oluayo3923are you sure? At what rate will the 50,000 be taxed?

[@xavier4260]

​@davidweyime748 40 % above 50k your money will be raxed at 40%. The HMRC financial yr is 1st April to end March. If you have paid to much taxed then you will get a tax refund from hmrc

[@sharlenep1789]

Hi! Makakatulong ba kung di mo irerelease ung mga shifts mo ng sabay sabay? Kunwari you did 3 bank shift this week. Ung dalawa lang irelease mo this week tapos ung isa next week? Para di lalabas na masyado malaki income mo in a week?

[@nursejakeUK]

Hi Sharlene! For the short term yes, para mas maliit ang tax mo. Para ito if need mo ng bigger amount at present. Pero at the end of the calendar year (March), it will all be recalculated and balanced out. If you were taxed at 40% on several payslips before but actually your whole year salary did not reach the bracket, then whatever was overtaxed will be refunded to you.

[@sharlenep1789]

@@nursejakeUK Thank you so much!

[@yela46]

Is possible to earn 4k every month?

[@nursejakeUK]

With agency work yes, possible. But that's gross figures. And also if you get all the shifts you want. Sometimes it can be a hit or miss. You may be cancelled anytime.

[@TheAcer925]

Sobra namang bank shift yan?3 x a week.

[@nursejakeUK]

You'll be surprised. May mga mahigpit ang pangangailangan.

[@sandrabuckley9520]

But I thought at the end of the tax year the tax office checks your annual pay then recalculated it and gives you a rebate if you’ve paid more than you should 🤷🏻‍♀️

[@nursejakeUK]

Yes you are right! I said that in the video 😊. It's if in the short term you don't want too much deductions then spread it out. But if it doesn't bother you then just keep working if you want cause everything is recalculated at the end of the tax year. Then you have to wait for their letter with either a bill or a refund.

[@sandrabuckley9520]

@@nursejakeUK ahh thanks Jake. I watched almost all but got a call at the end so missed this. I do like a tax rebate I have to say. £2500 last year!

[@nursejakeUK]

That's a big refund! You must had the wrong tax bracket the whole year! Good you got all that back.

[@sandrabuckley9520]

@@nursejakeUK it was a shock but I knew for the whole year they where taking too much. I do a huge amount of extra bank too though

[@kirselletritt4805]

Hi is it advisable to do 4 bank shift in a week kung naa ka annual leave? 😅 Like, okay ra sa ako gamay ako makuha per week pero ma refund sya after recalculation?

[@nursejakeUK]

Yes sakto Miss Kirselle!