Permanent and Inside IR35 role

[khiali]

Hi There

I`ve resigned from my current role and now looking for a contract role. Most of the roles are inside IR35. Can I do two Inside IR35 contracts at the same time ? Will it create any complications ? Just a bit confuse. My context to have 2 contracts is that:

1) The nature of my work is as such that I can manage both of them at the same time and also one of the company is based out from USA and I`ll be mostly dealing with them during afternoon hrs.
2) I want to collect the deposit for my house.

Looking forward for some sincere advise.


Thanks
HM

[ensignia]

This probably won't go well for you...

[hobnob]

Welcome to the forum. This topic has come up several times before, so it's worth doing a Google search to read through previous discussions. E.g.
"2 contracts" site:forums.contractoruk.com

Here are a few links to get you started:
Umbrella & PAYE - Contractor UK Bulletin Board
Concurrent contracts - Contractor UK Bulletin Board
Can I work both a Permanant and Contract Role? - Contractor UK Bulletin Board
2 Contracts at same time - Outside IR35 - Contractor UK Bulletin Board
Taking multiple contracts - Contractor UK Bulletin Board

Key question: are you happy to tell both clients what you're doing, and are they happy for you to do it?

[hobnob]

I want to collect the deposit for my house.

Also, aside from the "simultaneous contracts" thing, be aware that mortgage lenders can get twitchy if you don't have a regular income. At the very least, they'll want to see that you have a track record of contracting successfully (e.g. no big gaps between contracts).

Again, it's worth searching the forum, but this is the most recent post:
Getting a mortgage as a contractor - Contractor UK Bulletin Board

Depending on how soon you want to buy somewhere, you might be better off taking another permanent role, then you can shift over to contracting once the mortgage has started. That way, you've got a few years to build up a regular income before you need to renegotiate.

[northernladuk]

Great posts by Hobnob. Covers everything there.

But quick answer is no you can't. Reasons why are in the links.

[lecyclist]

Great posts by Hobnob. Covers everything there.

But quick answer is no you can't. Reasons why are in the links.

You can of course. Especially if you are super motivated, organised and disciplined, and have a clear objective (e.g. work 2 contracts for 6 months, prioritising that above all other things to save money for a house deposit, perhaps even at the expense of mental health). It may be tempting to stop reading here, as this is probably the response you want to hear; but I suggest you read on.

If there are contractual restrictions of exclusivity at either client, are you comfortable being dishonest with your clients? e.g. Pretending your internet has dropped on one call because you have an important call with the other client? No one here will recommend you lie. I work with a React / Microservices developer on one project who is always doing this. Everyone puts up with him because he is fantastic at his job and he has niche skills.

But practically, 2 inside roles do not make financial sense to live a life of deception. You will quickly reach your annual tax ceiling -- look at the tax deductions when you start earning over £100K per year in the UK.

It makes more financial sense for 2 outside roles of course, assuming you have the financial discipline not to blow the extra cash, and professional tax advice before you start with an exit strategy to realise the profit from your Ltd company in the most efficient manner. But then it comes down to your personal appetite for risk, moral boundaries, and your ability to secure new roles if both clients decide to terminate due to your lack of availability. The last being a strong possibility.

[northernladuk]

You can of course. Especially if you are super motivated, organised and disciplined, and have a clear objective (e.g. work 2 contracts for 6 months, prioritising that above all other things to save money for a house deposit, perhaps even at the expense of mental health). It may be tempting to stop reading here, as this is probably the response you want to hear; but I suggest you read on.

If there are contractual restrictions of exclusivity at either client, are you comfortable being dishonest with your clients? e.g. Pretending your internet has dropped on one call because you have an important call with the other client? No one here will recommend you lie. I work with a React / Microservices developer on one project who is always doing this. Everyone puts up with him because he is fantastic at his job and he has niche skills.

But practically, 2 inside roles do not make financial sense to live a life of deception. You will quickly reach your annual tax ceiling -- look at the tax deductions when you start earning over £100K per year in the UK.

It makes more financial sense for 2 outside roles of course, assuming you have the financial discipline not to blow the extra cash, and professional tax advice before you start with an exit strategy to realise the profit from your Ltd company in the most efficient manner. But then it comes down to your personal appetite for risk, moral boundaries, and your ability to secure new roles if both clients decide to terminate due to your lack of availability. The last being a strong possibility.

You can if you know what you are doing, asking the right questions and approaching it right. Anyone that has to ask if they can do two inside roles with a thought to how the deliver and what models they need in place then the answer is no. It is possible but you'd need a lot of nouse, and a massive dose of luck to get the right gigs. If the OP isn't thinking right it won't happen.

Added to that he's talking about inside gigs specifically so chanced dwindle to almost nothing at that point. The gig is generally inside because the client wants a disguised perm which will mean set hours in his contract which kills the whole idea dead let alone D&C and the rest.

If the OP wants to research it, understand how it might work and come and ask a specific question that hasn't been covered multiple times then yes, we can discuss the possibilities. If he is just being greedy thinking he can double bill because he is out of the clients eyeline then the answer is a flat no.

[khiali]

I am able to secure a role with a UK based company from 9 - 5 and I am looking for a consultancy role which I can do during off hours for clients in the US/EU etc. I am not a giant but a decent skilled person and hoping to secure a remote role which doesn`t necessarily interfere with my 9 -5 role except complimenting my other part time work. Hope that clarifies my intent. How it is going to happen, I`ll know with the flow.