Second Job

Guys
I am currently on Tier1 and earning 40+ Mon-Fri 9-5 as permanent employee.
Now I want to take second job, is this possible for me take on second job on Sat-Sun? will there be restriction on this from my current employeer, I did had a look in contract and can't find anything saying specifically about this?

Any thoughts please?

Thanks

KR

khurramrafiq wrote:Guys
I am currently on Tier1 and earning 40+ Mon-Fri 9-5 as permanent employee.
Now I want to take second job, is this possible for me take on second job on Sat-Sun? will there be restriction on this from my current employeer, I did had a look in contract and can't find anything saying specifically about this?

Any thoughts please?

Thanks

KR

As u r Tier 1 you can do what u like! Your time out of working hours is your own.

Thanks for your reply. So there is no employment law which can restrict me taking on other job in favour of my primary employeer?
Thanks

khurramrafiq wrote:Thanks for your reply. So there is no employment law which can restrict me taking on other job in favour of my primary employeer?
Thanks

Nope - this is not the Soviet Union - yet!

There might be some issues re: eg the possibility of you pinching work from ur current employer, it will be in your Contract of Employment, so I wouldn't think it would be very clever to work for either a client or a competitor.

Yes, I am considering two opposite jobs, may be Tesco,ASDA or Security which is not even close to my current Job IT.
Thanks for your advise

khurramrafiq,

Perm job with £40k+ is a wonderful post. Trying to earn more on top of that on weekends by working on the checkout tills at Tesco, ASDA or in Security makes no sense unless there are serious perseonal monetary requirements.

Just a word of advice to use the 2 days off work to relax and recuperate. You may burn yourself out which will have a direct impact on your perm 9 to 5 IT job and hence put that job at risk. Or may impact your performance thus hampering your growth within the company. Think well before working almost 7 days a week. After all, you do need some personal time to relax and enjoy your life as it passes you by

And, whatever you do, wish you all the success
Cheers
KP

I agree with the suggestion. Working overtime is not a bad idea but if you need to relax a bit in order to make sure you are not over stretched.

kenfrapin wrote:khurramrafiq,

Perm job with £40k+ is a wonderful post. Trying to earn more on top of that on weekends by working on the checkout tills at Tesco, ASDA or in Security makes no sense unless there are serious perseonal monetary requirements.

Just a word of advice to use the 2 days off work to relax and recuperate. You may burn yourself out which will have a direct impact on your perm 9 to 5 IT job and hence put that job at risk. Or may impact your performance thus hampering your growth within the company. Think well before working almost 7 days a week. After all, you do need some personal time to relax and enjoy your life as it passes you by

And, whatever you do, wish you all the success
Cheers
KP

And don't forget that if you a high tax rate earner, or nearly such, this second job will be taxed at 40% on all of it, you will get a special tax code to prohibit you from benefiting from tax allowances and basic rate twice.

I appreciate your feedback.
I beleive this depends on personal circumstances.
Let me give you breakdown of person living with family (2 kids)
1200 Mortagage
300 Petrol (insurance) etc
400 Bills
400-500 FOOD

2300 all total...out of 2700, only left with 400 which you will need for other things..so results in overdraft.

And these are normal expenses, not living at high standard.
Normal place where I work cost 900 -1100 rent for 2 bed, so I bought 2 bed flat for 1200 mortgage.

So conclusion. I may need second job so that I can save a bit.. I am sure I will get good job in future but until then I feel I can do 7 days a week work..

Thanks again for your advise.

If you are highly skilled and there is a demand of your skills in market then contracting is also a good option.

khurramrafiq wrote:I appreciate your feedback.
I beleive this depends on personal circumstances.
Let me give you breakdown of person living with family (2 kids)
1200 Mortagage
300 Petrol (insurance) etc
400 Bills
400-500 FOOD

2300 all total...out of 2700, only left with 400 which you will need for other things..so results in overdraft.

And these are normal expenses, not living at high standard.
Normal place where I work cost 900 -1100 rent for 2 bed, so I bought 2 bed flat for 1200 mortgage.

So conclusion. I may need second job so that I can save a bit.. I am sure I will get good job in future but until then I feel I can do 7 days a week work..

Thanks again for your advise.

So u are a 40% tax payer, I didn't read fully sorry!

So if you take a NMW job or similar at say 6 quid a hour, say 16 hours a weekend that's £96.00, less 12% NI (roughly) and 40% tax, leaves you with £46 - is it worth it?

Wanderer wrote:So u are a 40% tax payer, I didn't read fully sorry!

So if you take a NMW job or similar at say 6 quid a hour, say 16 hours a weekend that's £96.00, less 12% NI (roughly) and 40% tax, leaves you with £46 - is it worth it?

You are right.. Probabally not worth it...well, I guess I have to look for big job then..

Thanks guys for your feedbacks

As another poster said, contracting is an option but you face issues there too, doesn't suit all, I've contracted for years and it's made me ill!

1. Budget working three quarters of year maximum

2. Save a war chest for these gaps - they always happen, cannot guarantee a full 12 months at a time.

3. Notice period. Employer says a month, contract agency says start on Monday or forget it - u need to quit ur job before even starting contracting.

From your breakdown, expenses are all within boundaries except the mortgage. I guess you have gone overboard there and taken a huge risk commiting to such a mortgage amount. IMHO, never take on more than you can chew. End result is the never ending worry, loss of quality family life and the unneeded tension and tough life.

On a positive note though, as the market settles down, you may get opportunities for better paying jobs so fingers crossed. Contracting is a superb idea if you have the skills but note that there is no point if you contract for only 6 months and then have nothing in hand for the next 6. To match the £40k and possibly more, you should at contracting roles for 6 to 8 months on rates of £350 to £500 as you can match things up there.

Working weekends in the Service Industry will actually fetch you nothing. They pay wages like £14 to £18k per year which is like £6 a hr pro rata!!!! So you are looking at making a max of £400 more a month and maybe less as taxes are higher anyway.
Just hunt for a perm job giving more than £48k which will help you earn more and you only work 5 days and enjoy your personal life

All the best
KP

That is why I don't want to go with contracting with family and kids and new mortgage.

Ok, I am thinking if my wife forms a company and for my weekend work company get paid say 10000 a year and that limited company which my wife owns pay me only 1000 a year, in that case I will pay tax on 1000 at 40% and my wife company will be taxed on 10000 at lower rate?

khurramrafiq wrote:That is why I don't want to go with contracting with family and kids and new mortgage.

Ok, I am thinking if my wife forms a company and for my weekend work company get paid say 10000 a year and that limited company which my wife owns pay me only 1000 a year, in that case I will pay tax on 1000 at 40% and my wife company will be taxed on 10000 at lower rate?

Forget this idea, as soon as the money is removed to a person - it's taxed, plus, have you heard of IR35? Disguised employee, google it, genuine businesses can benefit tax wise, but the disguised employee cannot, and faces being hounded by the taxman till the end of the century. I know it's happening to me from 2006 even now - it's a nightmare. I'm in the clear I'm sure but it's not stopping the HMRC from threatening me....

Also the limited company pays employers NI too, so effectively your NI rate will be 24% and not capped.

Going in for a heavy mortgage is taking a big chance...can be used as a leverage to make money in real estate if the property price increases
on the other hand if the property price falls.. could make a loss too- consider legal fees, survey etc. might be worse than we think

many are in negative equity who bought within the last 2 yrs

for more info on contracting check wanderer's comment on contractor uk forum.

I doubted that prices will fall that soon again when they already fallen. Intension to buy a flat was purely to stay away from waster rental payment, and to avoid negitive quity I already have deposit of 10%, so for a flat worth 210 won't go below in 190 in next 5 years...where they last year slump didn't cause any damange at all or may be 2%.

But at the end I agree, it is risk but this is something you would have to take at some stage, so why not now when prices aleady fallen to lowest level in 16 year...

khurramrafiq wrote:I doubted that prices will fall that soon again when they already fallen. Intension to buy a flat was purely to stay away from waster rental payment, and to avoid negitive quity I already have deposit of 10%, so for a flat worth 210 won't go below in 190 in next 5 years...where they last year slump didn't cause any damange at all or may be 2%.

But at the end I agree, it is risk but this is something you would have to take at some stage, so why not now when prices aleady fallen to lowest level in 16 year...

This is not true, I sold my house in 1996, 17k, same house is worth 90k now.

Thatcher....

khurramrafiq wrote:I doubted that prices will fall that soon again when they already fallen. Intension to buy a flat was purely to stay away from waster rental payment, and to avoid negitive quity I already have deposit of 10%, so for a flat worth 210 won't go below in 190 in next 5 years...where they last year slump didn't cause any damange at all or may be 2%.

But at the end I agree, it is risk but this is something you would have to take at some stage, so why not now when prices aleady fallen to lowest level in 16 year...

if you have entered the property market after the big fall - 2nd half of 08-and begin' of 09 then its a good move - the interest rates also might have been the lowest u can expect (it can only rise from here on )