A study completed as part of a broader investigation into the ‘gig economy’ could end up costing you up to £1,000 in National Insurance Contributions (NICs) if you work more than one job.
A survey, which was commissioned by the government, has concluded by recommending wholesale reform of the NIC system for employed and self-employed people with multiple jobs.
If applied, the recommendations would see NI applied on a ‘per person basis’, which would effectively mean a tax increase of up to £19 for some multiple job workers (nearly £1,000 per year).
Completed by the Resolution Foundation, the study represents part of a broader examination into tax and employment regulations in the modern era.
It found that many of the assumptions underpinning the so-called ‘gig economy’ were false.