You won’t need us to tell you that today, the price of things just keep on going up and up but income seems to stay lagging behind. We’re spending more but we’re not making more. Well, in our full time jobs that is…
Many people now have some sort of freelance project to supplement their PAYE salaries – a ‘gig’, ‘side hustle’ or extra-curricular income, if you will. Not only does it help top up the bank balance, it’s also a great way to boost your CV and invest time in what truly interests you or sets your world alight.
These side hustles don’t even have to have anything to do with your day job…
Perhaps you’re a desk-bound sales worker who likes to offer a dog walking service in their spare time to earn some extra cash and get your body moving after being sedentary all day. Or maybe you’re a construction worker by trade with a creative flair that you like to flaunt through freelance creative writing or graphic design.
Whatever it may be, the marriage of full time employment and freelance work is becoming increasingly commonplace amongst the modern workforce. It’s all about treading carefully and mastering the balancing the act though and with that in mind, we’ve put together a few pieces of advice to point you in the right direction.
Here are some tips from our experts who have first-hand experience dealing with those juggling freelance work and full-time employment:
First, double and triple check that you’re not breaching your contract
Some employers will completely veto the idea of you doing any extra-curricular work and you might even find a clause about this written into your employment contract. Check your documents and have an honest conversation with your manager before embarking on any freelance work.
Be open and transparent because you’ll probably find that, even if they aren’t keen at first, there will be some compromise you can come too – as long as there’s no conflict of interest. This clash of interest would come if you were wanting to freelance for one of their competitors, for example.
Make sure it’s going to suit your schedule
As exciting and alluring as a side hustle can seem, it’s vital that you don’t end up biting off more than you can chew. Your day job is going to have to come first in the pecking order, until (if and when) the time comes that balance swings and you take the leap into full time freelancing.
So, only take on as much as is realistic for you to deal with outside of standard working hours and a reasonable enough workload so that your PAYE employment isn’t compromised. Know when to say no and respect your limitations.
Be strict with your bookkeeping and accounting
Although you will be paying tax and national insurance through your PAYE employment, you are still required to also pay both on the profits of your freelance income too. Income tax is always taken on total earnings and you will need to submit a Self Assessment Tax Return each year, disclosing both
your PAYE income and your additional income to HMRC.
found that 80% of ‘side hustlers’ work 1-3 separate jobs at any one time which leaves little to no time for accounting and bookkeeping. To ensure you never miss any important deadlines or end up overwhelmed with it all, we would always recommend getting the support of a qualified accountant on side.
Are you a full-time employee running a successful side hustle? Share your experiences with us in the comments or by joining us on social media using the links below.