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2nd job

  • 26-01-2021 1:22pm
    #1
    unattendedbag
    Registered Users, Registered Users 2 Posts: 456 ✭✭


    So I have a job which I am grateful for. About 45k pa. Due to banned travel since last march I have built up a lot of holiday leave and I'm gonna take this in one block. About three calendar months off. Am I going to get crucified on tax if I take a 2nd job for these months. I just don't want to sit and do nothing as it seems a waste. Everyone has been advising me to get a nixer, work for cash in hand or start a small business. Id like to do things right but if losing most of my wages to tax, it might not be worth it.


Comments

  • #2
    ari101
    Registered Users, Registered Users 2 Posts: 2,835 ✭✭✭ari101


    unattendedbag wrote: »
    So I have a job which I am grateful for. About 45k pa. Due to banned travel since last march I have built up a lot of holiday leave and I'm gonna take this in one block. About three calendar months off. Am I going to get crucified on tax if I take a 2nd job for these months. I just don't want to sit and do nothing as it seems a waste. Everyone has been advising me to get a nixer, work for cash in hand or start a small business. Id like to do things right but if losing most of my wages to tax, it might not be worth it.

    I'd expect you to pay approx half of the gross in tax (under 70k annual 48.5% probably, being 40% + 4% + 4.5%, money above 70k at 52% due to higher USC) assuming you have standard tax credits and bands.

    If paid via payroll, rather than invoiced and paid with tax return in arrears, you might pay a little more upfront in USC but get this back at year end.

    If you are married with partner not working, and you have their bands/credits, or other above std tax credits, the tax rates may be lower on some income over 45k.

    If you go work for yourself you may be able to deduct some expenses from what you earn before the taxes are calculated, but depending on what you do that might not be a lot. If you earn more than 5k non paye income after expenses, you will need to do a Form 11 tax return in the following year, and depending on what you know about this, may need the help of an accountant to complete.

    I assume you have checked your contract for non compete rules to make sure whatever you go do is not going to breach your current contract.


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