A survey by Direct Line Home Business Insurance has shown that many people now have “second incomes” to supplement their monthly earnings. The survey also showed that people are working up to 18 hours extra per week.
Apart from requiring alternations to home insurance business insurance may be needed to cover stock, protection from claims and income protection if trading is disrupted, those working a second job are also reminded of their tax responsibilities.
Those with two jobs will need to inform HMRC and should check whether they are paying too much or too little tax. Depending on the level of income, it may be possible to split your personal allowance between jobs to minimise your tax liability.
We can advise on your tax liabilities and help with self-assessment.