5 creative taxable ways to add to your income
Adding to your income can come from two distinctive methods:
- Tax-free additional income
- Taxable additional income
It is important to know which is which, as not declaring taxable income to HMRC can incur severe fines and even a criminal record.
Here are Money Saving Expert’s top 5 taxable ways to earn a little extra cash…
1. Become a mystery shopper
Mystery shopping can be a fantastic way to earn a little extra every month. You’ll just need to ask a few questions in-store and complete a transaction. You’re fully compensated for the transaction and you can earn up to £25 for a 10 minute job. Grassroots mystery shopping is the best way to make extra cash, but there are many companies that look for mystery shoppers. Remember though that you should never have to pay a joining fee so if you stumble across one of these sites just click on the close button straight away.
2. Become a representative
Becoming an Avon representative can earn you a nifty little sum as you earn commission on each sale. You are given a specific area to cover by the company and delivery and collect brochures and customer orders, which you then place with the company. The order is sent to you and then you deliver it to the customer and collect payment. They charge a sign on fee that representatives usually recover within their first month. Visit their website for more information.
3. Become a delivery driver
If you are looking for some regular part time work and have a clean driving license why not consider becoming a delivery driver for your local grocery store or pizzeria. On average the salary is around £7.50 per hour but then you also get to keep tips.
4. Market your skills
If you have a specific skill such as writing, art, accounting, web design, tutoring and so on, you can market your skills online to get some extra work. People Per Hour is a website where you can bid on workand you can potentially earn thousands per month.
5. Start an online business
If you have a significant amount of time spare and have a savvy business mind, why not start an online business. There are all sorts of opportunities for the budding artist, web designer, photographer to name just a few. Create a website, sign up with PayPal and start marketing your talent to bring in that commissioned work.
If you intend to bring in additional income through any of these or other self employed routes is it vital you let HMRC know!