Second job - freelancing or permanent

M

Maestros

New Member
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3
Hello everyone,

In my primary employment, I make over 120k annually.

I've been presented with a part-time opportunity at another Irish company, which would yield approximately 60k-70k per year.
This would constitute an extra income for me.

Considering tax implications, would I have greater benefits if my additional job were a permanent position or if I pursued freelancing?

Thank you!
 
I think what you're asking is whether it's better financially to be a PAYE employee on the 2nd company's payroll or whether you should set up as a self-employed freelancer and invoice them for your work?
 
Current company does not need to be aware unless it breaks your contract (working for a competitor, or other contractual restriction)

Assuming the second job is medium to long term, I think it would be best to have a limited company and draw nominal salary and ramp up pension contributions.
If its only a short term job, maybe just better freelancing but I think the tax will make it low paying.
Second job will also take its toll on your first job and personal life remember, so sometimes its not worth it.
 
A lot of companies will have it built into their staff contracts that any 2nd role requires their permission. That's not just on the grounds of competition but health and safety, use of their IT equipment for the 2nd role and to be frank, it will distract you somewhat from "the day job".

If you were to take it, I'd not go permanent to give you that degree of flexibility
 
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