2 contracts concurrently one perm and one inside

[ChristyP]

So here is my scenario. I am working 2 roles from home right now, one is paying 65k and is permanent, its very laid back and they allow me to work flexible hours anytime I want as long as the work is complete they are ok. The other contract is 400 per day and is through an umbrella. Which of these should I be classing as my first role to HMRC and how much tax am I likely to pay. The first job isn't taxing and I can easily run it alongside the other role without clashes in meetings etc.

[SueEllen]

And?

What is your question?

[JustKeepSwimming]

Perm role is your primary job, put your tax allowance on that.

Contract is your second job, pay at marginal rate.

Never ceases to amaze me that there are people earning 6 figures who can't roughly work out their taxes.

[hobnob]

Bear in mind that the tax code only affects your weekly/monthly payments. At the end of the financial year, HMRC will work out your total income and therefore the total tax that's due; you'll then either get a rebate or have to pay them the excess.

You can do the same calculation as HMRC, to predict how much tax you'll pay. (I use Excel for that.) Obviously that will depend on how many days you do for the current contract.

[northernladuk]

Have you checked your perm contract to see if you can do extra work? They maybe flexible but they will still expect 40 hours a week from you. The inside gig will expect the same. How you are you going to shuffle 80 hours a week in to a normal day? Answer is you can't. You'll be working on the perm companies time without out a doubt. Doesn't matter how flexible they are you will have meetings and priorities clashes. Neither will be happy you are working for the other if you told them so don't do it.

[JustKeepSwimming]

Have you checked your perm contract to see if you can do extra work? They maybe flexible but they will still expect 40 hours a week from you. The inside gig will expect the same. How you are you going to shuffle 80 hours a week in to a normal day? Answer is you can't. You'll be working on the perm companies time without out a doubt. Doesn't matter how flexible they are you will have meetings and priorities clashes. Neither will be happy you are working for the other if you told them so don't do it.

Cool story, Boomer.

You are the most hypocritical user on this site. Constantly berate people about not being 'business' enough to be contracting and then begging for your employer to tell you how high when they say jump. You are a permatractor no matter how much you wish to deny it.

[cojak]

Cool story, Boomer.

You are the most hypocritical user on this site. Constantly berate people about not being 'business' enough to be contracting and then begging for your employer to tell you how high when they say jump. You are a permatractor no matter how much you wish to deny it.

It’s more a case of checking contracts. At least one of those will probably stipulate that you can’t work for others at the same time.

If the OP knows the risks and accepts the consequences of breaking said contract, it’s not our business how he goes about his life.

At least he can’t say that no one told him.

[NotAllThere]

Cool story, Boomer.

You are the most hypocritical user on this site. Constantly berate people about not being 'business' enough to be contracting and then begging for your employer to tell you how high when they say jump. You are a permatractor no matter how much you wish to deny it.

He's not a boomer. He's younger than that.

And you need to lay off the personal attacks in the professional forums, or you'll get some time off.

[TheDude]

I run three concurrent contracts - one of which I work on during bathroom breaks.

[ladymuck]

Have you checked your perm contract to see if you can do extra work? They maybe flexible but they will still expect 40 hours a week from you. The inside gig will expect the same. How you are you going to shuffle 80 hours a week in to a normal day? Answer is you can't. You'll be working on the perm companies time without out a doubt. Doesn't matter how flexible they are you will have meetings and priorities clashes. Neither will be happy you are working for the other if you told them so don't do it.

That answer has nothing to do with the question.