MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Can someone point me in the direction of a good resource for working a second job. I’ve googled and found all sorts of stuff that read like peoples opinions rather than actual rules I need to understand.
This would be a 2nd job, in addition retaining my current position.
There would be no conflict of interest (would actually be in a related, but different sector and would actually benefit my current employer by expanding the depth of experience) It will also probably involve being self employed, so SA Tax forms. This also wouldn’t involve crazy hours, this would be more of a shake up than anything else.
I do know that a number of colleagues already do this (including the CEO). And I’m a long way from deciding/making things happen, just really wanting to figure out the reality of what’s involved.
Interested to see where this thread goes. I asked similar, in that link esp. interested in tax/accounting implications.
Oh cheers, that thread is already helpful thank you
Bump for Sunday morning
I think as may have been said elsewhere (possibly the thread above), you will probably need to clear it with your current employer. I know there is a clause in my contract that states as much and I have had to do this with one of my reports, making sure everything was squared away with HR before they got started with it
Register as self employed, do the tax return when required. JFDI. I think you're over thinking it.
Only other thing is as above is if your current employer needs to know or with you are worried about them.
Yeh, the chat with my current employer is definitely a thing that needs to happen.
But this is also a valid statement
JFDI. I think you’re over thinking it.
Is money your main driver?
Have you decided on sole trader or limited company?
I'm guessing sole trader.
Could this push you into a higher tax bracket?
Do you intend to do your own accounts and SA as a 2nd income stream complicates SA?
It would, I think, be sensible for you to get a quote from an accountant - not a book-keeper - with the objective of minimising tax, ensuring HMRC compliance and getting professional advice.
Unless you need the money now you should consider how best to use it tax efficiently; for example - if your pension scheme allows AVCs sign-up to a sum close to your 2nd job income (if that doesn't breach the
contribution limit) and use the 2nd income to fill the gap.
As others have said, it's essential to clear this with your employer - and, if they agree, get written confirmation.
Nah, money is not a driver beyond needing to pay bills.
And I wont be troubling a higher tax bracket anytime soon.... well realistically ever in fact.
If you are PAYE like me on two jobs and the HMRC keeps giving you rebates then don't spend them.
"I've had another rebate"
"It's yours sir. System is correcting itself"
"I've had yet another rebate"
"Yours sir. Tax for both jobs looks ok, just the system sorting itself out"
Etc.
HMRC: "yeah, you owe us £3500 please"