Secondary incomes are back on the rise again?
The most recent data (May – July 2022) from The Office for National Statistics show there is a rise in the workforce who are taking up second jobs, it is nearing the all-time high in 1995 of 1.3m and currently sits at just over 1.2m.
What is the definition of a second job?
A second job as it suggests is where a person will have a full-time steady job but have a second position to generate an additional income, this could be a weekend job or additional hours around a regular shift pattern with another employer.
Why take on a second job?
A second job is a way to generate a new income for a family or an individual, it can range from additional hours in a similar career or something completely different, some additional jobs could be part of the collaborative economy like Uber or Airbnb, where you are using hours or space to generate income.
A secondary income can be used to pay off debts and generate additional income for things like holidays or new cars, but in an economy where there is a cost-of-living increase, a second income can create a new income stream to offset these rising costs.
Should I tell my employer I have a second job?
You will need to check your contract of employment with your full-time employer, some employers will insist on knowing if you have a second income but if it’s not stipulated in the contract, there is no obligation to tell either of your employers
Do you need to tell HMRC if you take on a second job?
Telling HMRC if you have a second income will depend on your employment status.
a/, if you are employed, your employer for your second job, will sort out the tax, you may wish to talk to HMRC to check you are paying the correct tax.
b/ if you are employed in your full-time role and then self-employed in your second job you will need to register for self-assessment an employer will not be able to help you with your tax or national insurance.
c/ If you are self-employed already then you can use your existing self-assessment or an accountant to sort your taxes.
Axiom Personnel has a wide range of employment opportunities that would facilitate second jobs. We have employers with set shift patterns, especially those who offer early or late shifts, creating the opportunity for working additional hours. Some of our larger security clients work in the events industry and recruit for the events and sports sectors, with roles like Stewards, which don’t require any qualifications but provide an excellent way of generating additional income.
If you are looking for a second job to generate additional income, talk to one of our industry specialists or complete our online application form and one of our team will be in touch.