The days of people having a job for life are long gone for most of us. Working for the same company for 40+ years holds little appeal in a world where the next opportunity is easily available at the click of a button and flexibility is preferred over stability.
And with flexibility now the norm, it’s becoming more common for people to have more than one job at any one time. There are multiple reasons for this including to fit work around childcare needs, to add variety or simply to earn a little extra money. But is there any limit to the number of jobs you can have at any one time?
There’s no limit!
If you’re looking to take on more than one role, the good news is that there’s no limit to the number of jobs you can have at any one time. This applies whether you’re working on PAYE or self-employed contract.
But whilst there’s no legal limit, there are a few important practical considerations it’s worth thinking about.
Contracts and Admin
For every job you take, there’s likely to be an interview process, application forms and a contract. Often these are online, however it can still be tricky to keep on top of all the paperwork, especially if you have more than one job.
Processes and Policies
Every new company you work for is likely to have a different set of policies and processes including things like holiday requests, sickness and assessment. Remembering the correct process and ensure that you comply with it can be the difference between having absence approved or not.
If you have multiple jobs, this means you’re going to have to keep an eye on multiple payments for the work your done to make sure you’re being paid the right amounts.
For the self-employed, this means ensure that invoices are raised and send of time. Importantly, you’ll also need to keep a close eye on your bank account to make sure that each invoice is paid on time and in full.
If you’re employed, you’ll want to make sure that the payments you receive from each employer is correct especially if your pay is variable. We’d also advise that you keep a record of your payslip each month as these are very useful if you’re applying for a loan or mortgage.
Multiple jobs mean multiple incomes which can make your personal tax more complex. If you’re employed on PAYE or CIS, you’ll need to make sure you’re on the correct tax codes and on-time with p45 and p60 forms with new and old employers. If you get behind on this, you can end up on an emergency tax code which can make a significant difference to your tax home pay.
If you’re self-employed, you’ll be responsible for your own tax return at the end of each year and so will need to keep detailed records of your invoices, payments and expenditure. Being organised is essential to avoid a panic when it comes to completing your self-assessment tax return.
Saving a little each month throughout your career to make sure you have a pension once you retire, is part of sensible financial planning. And with the introduction of Auto-enrolment pensions, the Government is making this a priority for anyone in employment.
The good news is that this means you’re automatically enrolled into a workplace pension arranged by your employer unless you opt out or make other arrangements. However, if you have multiple jobs, this can mean that you are enrolled in multiple different pension schemes creating extra admin and record-keeping, especially if you move house.
Limits within your contract
Whilst there’s no limit to the number of jobs you’re legally allowed to have, it’s worth checking your employment contract(s). In some cases, there can be clauses which you agree to which place certain restrictions on other work you do both during your current job and after you have finished that role.
Flexibility Built In…
If you have more than one job, it’s worth considering joining an Umbrella PAYE company. This option gives you the flexibility to have multiple jobs all under a single contract which simplifies your pay, income tax, pensions and record-keeping.
Click here to find out more about how Umbrella PAYE works.