Being on the books and self employed at the same time

Donnie2306

In the new year I plan on sub contracting to another company in a totally different industry that I'm in right now on weekends only whilst I am still an employee at my current work. 

Through the way would be as normal employed, weekends and weeks off of my employed work would be worked as self employed elsewhere. 

Am I likely to be ruined by taxes doing this? I've heard working two jobs can sometimes not even be worth it but I've never done it. 

I'm an engineer on 27k before taxes at my current work place and my weekend job I'd be looking to earn maximum 6-7K at the VERY most minus expenses etc. 

Thanks. 

[Deleted User]

A separate point to consider depending on hrs worked (48 hrs) you may very well be heading into opt out territory from your main employed role. WTR p11

[Deleted User]

Jillanddy said:

 Whilst the working times regulations do not apply across two employments

https://www.xperthr.co.uk/faq/where-an-employee-has-two-jobs-which-employer-is-responsible-for-ensuring-that-the-employees-total-weekly-hours-do-not-exceed-the-working-time-limits/60148
https://www.netlawman.co.uk/ia/working-time-regulations
https://www.crunch.co.uk/knowledge-employment/id-like-a-second-job-what-do-i-need-to-know

Marcon

Donnie2306 said:

In the new year I plan on sub contracting to another company in a totally different industry that I'm in right now on weekends only whilst I am still an employee at my current work. 

Through the way would be as normal employed, weekends and weeks off of my employed work would be worked as self employed elsewhere. 

Am I likely to be ruined by taxes doing this? I've heard working two jobs can sometimes not even be worth it but I've never done it. 

I'm an engineer on 27k before taxes at my current work place and my weekend job I'd be looking to earn maximum 6-7K at the VERY most minus expenses etc. 

Thanks. 

Lots of helpful factsheets here on tax and NI where someone is both employed and self-employed - but are you sure HMRC will agree you are self employed if you take up this part-time contracting role? Will you be subject to IR35?
Edit - sorry, forgot to add link: https://www.litrg.org.uk/tax-guides

Donnie2306

I would be working 8 hours a day 6-7 days a week. I'm not saying it would be every week but preferably most weeks. I just used this as a worse case scenario. 

56 hours a week isn't all too much if I'm being honest with you. Thanks for the replies. 

Donnie2306

Not at all. I worked over seas on the rigs at 12-16 hours a day 28 on 3-5 days off. That's in another country anyway. 

56 isn't too much.  Each to their own. 

Donnie2306

Hokay.    

getmore4less

For regular 2 jobs the reason some think the tax is higher is.....

What tends to happen with second jobs is it appears as if it is taxed more as the personal allowance gets allocated to the main job.

The reality is because NI is per job the total deductions tend to be less than if you earned the same money through 1 job

Your self employed status will offer options.

Plenty of people allocate 60+ hrs of their time to work type activities some outside the regular job.