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RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

22nd Jul 14 at 16:16

I start a new job on 01st October and my new bosses have both suggested and agreed that in order to maintain a foothold in the marine industry, I offer a contracting service in the first instance to my present employers which I would be able to do outside of normal working hours and without affecting my new job role.

Are there any issues with only contacting to one company? I was always under the impression that you had to contract to more than one customer. Also, what are the implications of earning PAYE in my 9-5 and invoicing for the contracting-just complete a self assessment?

Cavey

Member

Registered: 11th Nov 02
Location: Derby
User status: Offline

22nd Jul 14 at 16:51

A buttload of Tax I'd imagine?

Steve

Premium Member

Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
User status: Offline

22nd Jul 14 at 17:02

So basically they want you to work 24/7 lol. Perhaps not sucha ggood idea after all working for your mate

Ben J

Member

Registered: 31st Jan 05
Location: Cheshire
User status: Offline

22nd Jul 14 at 17:19

Is new job outside of Marine then???

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

22nd Jul 14 at 17:21

Yep

Ben J

Member

Registered: 31st Jan 05
Location: Cheshire
User status: Offline

22nd Jul 14 at 17:22

Spill....

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

22nd Jul 14 at 17:22

Contracting is purely for my gain, not the new job - although keeping my current contacts might be good in the future. I'd limit to 6-8 hours a week as well.

Steve

Premium Member

Registered: 30th Mar 02
Location: Worcestershire Drives: Defender
User status: Offline

22nd Jul 14 at 17:24

quote:
Originally posted by RichR
my new bosses have both suggested and agreed that in order to maintain a foothold in the marine industry

Sounds like they suggested it and very much for their gain too, unless you worded it badly

VrsTurbo

Premium Member

Registered: 8th Jun 10
User status: Offline

22nd Jul 14 at 17:38

You should be paid more and there isn't an issue all depends how you get paid. Paye or invoicing etc

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

22nd Jul 14 at 17:40

Shouldn't cost you any more tax than if it was one job, the second one would effectively be an emergency code as you've already used up your code in the main job, but as you're probably going to a return at the end of the year, that wouldn't be an issue anyway.

Just put a percentage aside from the contracts and pay that when your return goes in.

If you're already near or over the threshold it'll be at a fair whack but no more than if you just had a raise in one position.

Plus you will probably get some expenses you can offset although they should be proportional to the amount of work the contracting venture represents.

So far as I know the problem with contracting to one customer is more to do with employee obligations than tax although you probably need some advice on that, I know its certainly a special case as it effectively gets round employing you "properly" in what is now the second job.

[Edited on 22-07-2014 by Ian]

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

22nd Jul 14 at 17:43

quote:
Originally posted by Steve

quote:
Originally posted by RichR
my new bosses have both suggested and agreed that in order to maintain a foothold in the marine industry

Sounds like they suggested it and very much for their gain too, unless you worded it badly

Worded badly, I proposed it knowing that I'll be leaving quite a void at my existing job, they were happy for me to do it so long as it doesn't affect my capacity to work and subsequently we discussed it in detail and realised long term it could be beneficial to both me and the company to have an in road into the marine industry.

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

22nd Jul 14 at 17:44

None of this has been discussed with my current employer as my notice isn't going in until Monday; I just have to decide whether to discuss it with them now or after I've left.

[Edited on 22-07-2014 by RichR]

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

22nd Jul 14 at 17:57

Any reason why you want to contract? They can keep you on PAYE, although it gets complicated if you're close to the DO threshold and the second job puts you over it.

First job 1000L
Second job BR1

^^ if you're under and will stay under.

First job 1000L
Second job DO1

^^ if you're already over.

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

22nd Jul 14 at 18:21

I'm not sure my old place would have me as PAYE purely as they'd never want to be the 'second job', also it's not something I'm reliant on so I like the option to walk away should I need to.

[Edited on 22-07-2014 by RichR]

pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

22nd Jul 14 at 20:13

You end up working all hours under the sun and I have stages where I spend a couple of weeks working 8-5 Monday to Friday at the school, 5 - 11 Monday to Friday elsewhere, then will be in one office on Saturday and a different one on sunday. Weekends are usually on your own as well. I'd approach it with caution.

I do a return so I pay tax minus a few expenses.

[Edited on 22-07-2014 by pow]

Andrew

Member

Registered: 5th May 04
Location: Skoda Octavia Estate, Ford Puma
User status: Offline

23rd Jul 14 at 23:09

When we were trying to get the deposit together for our house i did some additional contracting work. Ended up working 7 days a week: 7am - 11pm Mon - Fri and 10am - 7pm on the weekends.

You only live once and life is too short. I will work the odd weekend but only if there's decent money involved. I don't really want to work every single weekend as there is more to life! Other thing you start doing is just eating crap... ordering takeaways, McDonalds etc.

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

24th Jul 14 at 06:20

New job isn't technically 9-5; I have to work 37.5hrs per week but have a degree of flexibility on start and finish times, finish early on a Friday and also have to work every third Saturday 8-1. My current contract is 42.5hours plus between 10-15 hours a week commuting, excluding all the times I work away. New job should be 2.5hours a week commuting and barely any working away so, as long as I'm sensible with the contracting hours I offer, I should still end up with more free time but earning more money than I would otherwise.

It's not something I'm going to do in the first 2/3 months after leaving as I want to get set up in the new job but once I'm up and running, I'll consider it more carefully.

pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

24th Jul 14 at 07:14

For once, Andrew has spoken some sense - my diet has gone to pot as I'm eating what's easy. Why did I buy this house?

Ian W

Member

Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline

24th Jul 14 at 07:20

quote:
Originally posted by pow
For once, Andrew has spoken some sense - my diet has gone to pot as I'm eating what's easy. Why did I buy this house?

Must be a common problem, work all day, all evening working on my house, eat crap 24/7

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

24th Jul 14 at 07:29

quote:
Originally posted by pow
For once, Andrew has spoken some sense - my diet has gone to pot as I'm eating what's easy. Why did I buy this house?

I'm similar with my house currently, either don't bother to eat like last night where all I had was sawdust and plaster for my tea or get takeaway, pot noodles or convenience foods - still keep losing weight though.

DaveyLC

Member

Registered: 8th Oct 08
Location: Berkshire
User status: Offline

24th Jul 14 at 15:47

You'll instantly be paying the higher rate of tax on your contract work.. Total waste of time.

If you want to contract while earning maximum money the best way is to be a limited company.

RichR

Premium Member

Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline

24th Jul 14 at 16:43

What contractor hourly rate are you thinking of though for it to be not worth it? Without this becoming a willy waving thread, I already pay higher rate tax so you may be onto something with the ltd status. I'd need, in the short term at least, to see if it was worth it though.

pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

24th Jul 14 at 17:03

quote:
Originally posted by DaveyLC
You'll instantly be paying the higher rate of tax on your contract work.. Total waste of time.

If you want to contract while earning maximum money the best way is to be a limited company.

Dave that's not strictly correct, you just add your two incomes together (less expenses for your self employed stuff) then apply the normal tax bands, first 10k tax free, 10-40ishk 20%, after that 40%

pow

Premium Member

Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline

24th Jul 14 at 17:04

Ahh perhaps I should read the thread first

Ian

Site Administrator

Registered: 28th Aug 99
Location: Liverpool
User status: Offline

24th Jul 14 at 18:54

That's similar to suggesting that overtime is a waste of time when you're already up there, and lots of people do that.

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