Freelancing on the side- how do you balance it?

[theworkwasthething]

I've been offered a freelancing opportunity that I'm quite excited about, it's in the same field of work I do for my day job, and I've been clear that the 10-15 hours a week will be slotted around other responsibilities. (They are happy with this)

I work quite flexibly at the moment, so I think I can manage an extra hour in the morning or evening, a Sunday afternoon, etc.

If you've done this sort of thing, am I being realistic? I am asking about £35-£40 an hour (still in negotiations) and will need to work out taxes, etc.

I keep thinking I could do it for 6 months to get ahead on rising costs, pay into energy account, get a proper hair cut, luxurious things like that. 🙃

I lean towards a workaholic personality, and feel like an evening spent earning £80 is better than watching a film, at least mid-week.

I'm also tired of waiting to see if I get approved for a bonus or payrise at work, and this feels like a way to take destiny in my own hands and get paid more regardless.

I've checked my contract and there's nothing I've seen that prevents me from working elsewhere or a 2nd job, just that I can't share proprietary information. Which I wouldn't.

If you've been successful at doing this, I'd appreciate any wisdom you could share.

I do this. Part salaried and part contractor work.

I keep meticulous accounts at the point money comes in/goes out, because trying to do it in retrospect is a nightmare.

You will have to register as self employed and do a tax return. And pay self-employed NI contributions.

I save 50% for tax the moment it comes in. This is definitely too much, but I'd rather that way round.

I would tell your employer just so they're in the loop. They may want you to sign an agreement not to be bound by the working time directive.

It works well for me, but you do need to be organised with it.

I actually don't have a lot of trust in my manager and feel like he may be obstructive when I mention it. 😬

I do this too.

Know your deadlines, make sure your work is in on time always.

My mantra is under promise and over deliver - if I say I'll do it in 4 days and you get it in 3, that's great. If I say I'll do it in 3 days and you get it in 4, that's not good!