2nd Job tax

davidwhittaker

Good Morning,

Just really wanted to run something past you guys, and see if it's a) do-able and b) not a stupid idea.

I am aware that I may need to pay for professional advice at some stage, but I thought I'd get a feel for the idea.

I am currently employed full time and I earn just over £38500 per annum. I pay my taxes in the normal way through my employer.

Since we had a baby and our partner went down to 3 days at work, we've seen our income take a bashing and our outgoings grow.

To counter this, I have been considering doing some freelance marketing on the side to help supplement my income. My work are 100% fine with this, and give me their blessing.

My first question, is it fairly straight forward to be employed and self employed at the same time?

I am quite close to the higher tax bracket already, and reckon I could earn an additional £10-20k per annum doing freelance. Would I pay a higher tax rate on just my secondary income or would I pay that across both incomes?

Occasionally, I might need to outsource some of the work to other freelancers; all the freelancers are UK based and I assume are self employed status too. How would using those impact my tax etc. Would I take away the amount I am paying them from my income?

Any other advice would be greatly appreciated.

Thank you!
David

kmb500

I work full time 37 hours, it's a good job and decent salary £22K. The thing is I am spending so much money and sinking all my savings. I have developed some expensive habits and spending thousands of pounds of money that I don't have. So I was wondering about getting a second job, do you think it is worth it? Say I did a couple of evening shifts in a supermarket. But I dont want to sacrifice all my free time and my social life. The job I did before was a lot of late work and it ruined my social life, I dont want to go back to being like that.

What are your thoughts on whether this is a good idea? Thanks

halogen

I work 2 jobs. 1 is an evening one but I've never had a social life so that's not a factor for me.

dcfc67

Why don't you take a look at the matched betting forum.

This is a good source of income all tax free and can be done at any time.

Start off with some of the well know bookies then progress onto the not so well known ones. Stick to football games and don';t do in play as you may come unstuck between placing a back (no win bet) and lay (to lose bet)

£2000 is easily achievable within 3-4 months when you spend 3-4 hours a week creating and setting up bets

WSforever

I am currently employed by a company and pay tax normally.
However I have recently acquired a very small minimal second income (writing a local newspaper column). The newspaper have asked me to invoice them monthly.

Will I need to declare/pay tax on this? If so, how?
Also, do I need to tell my main employer?

Any advice greatly appreciated.

wesleyad

Yes you need to declare it, you would self assess every April. Fill out online self assessment, very easy.

No you don't need to tell your main employer

scaredofdebt

You won't if it's less than £1,000 per annum:

https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

You’ll need to send a tax return if, in the last tax year:

your income from self-employment was more than £1,000 - this is your ‘trading allowance’

WSforever

It’s likely to be around £700 per year.
So no need to self assess? I just invoice and the cash is non taxed?

mikep22

scaredofdebt wrote: »

You won't if it's less than £1,000 per annum:

https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

Is it not if you are earning over the threshold (of which I cannot remember at this moment at its 7.39am) in total?

EG if I earn 40k in my main job, and 500 in the second, you still need to add the 500 to the 40500?

chrisbur

mikep22 wrote: »

Is it not if you are earning over the threshold (of which I cannot remember at this moment at its 7.39am) in total?

EG if I earn 40k in my main job, and 500 in the second, you still need to add the 500 to the 40500?

You ignore the earnings from the small self employed income as long as it's not over £1000. Further details here....
https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income

mikep22

chrisbur wrote: »

You ignore the earnings from the small self employed income as long as it's not over £1000. Further details here....
https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income

Super, thats very helpful - thanks. I shall make full use of that in the future