News0 min ago
Some advice required!
4 Answers
A bit of background info first! I currently work for a family business full time, however I am considering looking for a new job as I am not challenged enough and could do the job blindfolded (also I don't think the job warrants a full time position). I have had a look what is available and it has been drawn to my attention that I will probably have to take a pay cut of approx 1k - 2k. This got me thinking that if I got a new full time job and in addition to this also worked for the family business on a weekend (to be fair this would be easily achievable as we are particularly quiet at the moment and I am willing to put in the extra hours in order to use the family job to top up by incomings so that they would ultimately be the same). I was thinking of being paid an hourly rate for the work I do for the family job and obviously receive a salary from the new job.
My question is will the new company I work for be able to find out in any way that I am working for another company through my tax code? Also I once was told that if you have two jobs then you get taxed more?? Is there any truth in this? Cash in hand is not really an option as it is myself that does all the money side of things and I like to keep everything above board.
Finally, I'm not a dishonest person and would much prefer to tell a new company that I plan to carry out helping out the family business at the weekend - do you think that would be off putting to any potential employees? Any advice/suggestions would be greatly appreciated. Thanks
My question is will the new company I work for be able to find out in any way that I am working for another company through my tax code? Also I once was told that if you have two jobs then you get taxed more?? Is there any truth in this? Cash in hand is not really an option as it is myself that does all the money side of things and I like to keep everything above board.
Finally, I'm not a dishonest person and would much prefer to tell a new company that I plan to carry out helping out the family business at the weekend - do you think that would be off putting to any potential employees? Any advice/suggestions would be greatly appreciated. Thanks
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You would pay more tax on a second income - generally 20% on everything you earn unless HMRC say otherwise.
You don't have to tell the company you intend to work for, unless there's likely to be a conflict of interests - though it would be good practice if you did. They wouldn't know from your tax code as that job you'd have a normal tax code - it's your weekend job that would have the BR code.
You don't have to tell the company you intend to work for, unless there's likely to be a conflict of interests - though it would be good practice if you did. They wouldn't know from your tax code as that job you'd have a normal tax code - it's your weekend job that would have the BR code.
What happens is that your new employer (main job) would be provided by HMRC with your tax code. The second job (family business) uses the tax code BR - which means basic rate tax deducted on all earnings.
Not being funny but surprised you don't know this if you run the money side of things (payroll?) in the family business and use the HMRC software or earnings tables to work out what the employees (including yourself) need to have deducted in tax and NI.
In this scenario the employer would not know about any other employment you my have. Check out the employer is OK you having a second job - some make a term & condition that one does not (because of the potential for excessive tiredness) without their written permission.
Not being funny but surprised you don't know this if you run the money side of things (payroll?) in the family business and use the HMRC software or earnings tables to work out what the employees (including yourself) need to have deducted in tax and NI.
In this scenario the employer would not know about any other employment you my have. Check out the employer is OK you having a second job - some make a term & condition that one does not (because of the potential for excessive tiredness) without their written permission.
Its not difficult - HMRC produces a CDROM to help make it easier for smaller businesses. It downloads a piece of software onto any of the company PCs that enables you to set up a small database of the 4 employees. Fed with the tax code for each employee it then works out the NI and tax. It doesn't however generate payslips.
Easy peasy - save your family business some cash against the spend with the accountant.
Easy peasy - save your family business some cash against the spend with the accountant.
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