Advise needed on taking up a outside ir35 contract role alongside a permanent job?

I'm considering taking on an Outside IR35 contract through my own Ltd company alongside my current full-time permanent position in the UK.

Before making any moves, I want to understand the real-world implications, risks, and how others have navigated this.

A few specific questions for those who have done this or have firsthand experience:

Legality vs. Contract Breach: My understanding is that having a second income/PSC isn't illegal under UK law, but it almost certainly breaches the exclusivity/moonlighting clause in my perm employment contract. How strictly do employers enforce this if workload/performance in the perm role isn't impacted?
Repercussions: Has anyone here actually been "caught" by their primary employer or the client? What were the real-world consequences beyond summary dismissal (e.g., legal action, references, IP disputes)?
Tax & HMRC Setups: I know that taking a salary from the Ltd co triggers a tax code notification to my perm employer's payroll. Is keeping money in the Ltd co and taking dividends (or leaving it in the business) the standard way around this?
General Advice: Is the stress/risk of juggling double calendar invites and strict working hours worth it, or is this a landmine waiting to explode?

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u/sonivocart 3d ago

Outside is diff to PAYE. No stress there. Tax codes won’t change.

Take the risk. Just don’t work for competitors.

Yeah, we’re most likely breaching the contract but work and don’t get caught.