Not every job is overly time-consuming; depending on your industry and your position, you may find yourself with lots of free time during your remote 9-5. Instead of spending that time dossing or looking out the window, some have thought that maybe they could even balance two remote jobs at one time.
But is this practical? Could you actually do something like this in real life? Let’s do a bit of a deep dive on the steps you would have to take and the issues you would face.
We are not just talking about here trying to work two full-time jobs and not people who work a job and try and build a side hustle which is very common nowadays.
What problems could arise…..
Your contract may not permit it
There is no point in trying to hold down two jobs if it could end up in your having no job. There may be clauses in your contract that prohibit you from working in any other role while you are employed with the company.
Dig out your contract and read through it before you commit to anything. If you are in breach of your contract, that could lead to your employer terminating your contract.
Clashes in duties
You will inevitably encounter times when you are required to be in two places at once. It might be two important meetings that are scheduled at the same time.
In these scenarios, the stress levels will be high and it is not sustainable in the long run if you are doing it all on the quite.
No man is a machine and you will need to be able to take a break or some sort of holiday. Arranging this may be more difficult if you have 2 jobs.
Both employers will be giving you a standard amount of annual leave that you can use which could be anywhere from 20-30 days a year. To get a break you will need to be able to synchronize your holidays in both companies, which may be easier said than done.
Everyone in Ireland gets a set amount of tax credits and tax bands depending on their circumstances. If you have more than one job, you will have to decide on how to split these credits between the different sources of income.
You can find your relevant tax bands and credits here on the Revenue.ie site.
The issue with this is, that if you are trying to work two remote jobs without either employer knowing, they will be able to tell clearly that something is up from looking at your payslip.
Also working two jobs will put you into the highest of tax brackets meaning you will be paying a marginal tax rate of 52% in every extra euro you earn. This may mean that the actual extra take home pay that you are bringing in might not be worth the additional time you are working.
You may not be prepared for busy times. Every job has its periods when things can get a bit crazy. If you are not prepared for these times you could end up burnout from working far more than you thought you would.
A better solution….
When you are working as a PAYE worker you are trading your time for money, as opposed to being paid for your output. Would your employer be open to doing business with you as a contractor?
If they would be open to this, you would be entitled to engage with as many businesses as you want and possibly charge a fairer price for your work. Once you get your contracts set up appropriately, you will no longer be restricted in how you work.
When you change to being a contractor you will have fewer rights, and you will be like a sole trader and have to sort out all of your own taxes, etc.
This could be a nightmare for some people, but you do not have to do it all yourself. Any accountant will be able to help you prepare accounts and file a tax return every year.
Disclaimer: This blog post is for informational and educational purposes only and should not be construed as financial advice.