5 tax-free ways to add to your income
Last Modified 16th of February 2021
There are so many reasons why people want to make extra cash – to save up for their dream holiday, buy a car save for a mortgage downpayment and so on.
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. But here are 5 ways to earn a little extra cash tax free…
Car boot sale
You will need to get up nice and early, keep an eye on people browsing and be prepared to be bartered with. Stuff you can sell includes odd unwanted videos, CDs, ornaments and jewelry, clothes and, after the vehicle fee, you could come home with just over £80. You won’t be a millionaire but it can be a nice day out and a simple way to declutter whilst making some money.
Sell you unwanted items on eBay
eBay is like an online carboot that is visible to millions of people. Nearly all of us have unworn clothes among various unwanted possessions that there is really nothing wrong with. Gather these together and list on a free listing day. You will pay no fees to list your items but will pay a final valuation fee. You can set your postage or specify collection only and you really can sell anything from clothes and accessories to jewelry, furniture and cars!
Sell your old mobile phone
There are many sites now that offer cash or vouchers for your old phone. You can get quotes online, postage is covered and you can even still get some cash if the phone is broken.
Sell your old books, CDs, games and DVDs
Amazon is a fantastic site for selling your old books, DVDs, CDs and games. You get a set amount per item for postage and specify how much you want and the condition of the item when listing. Listings are free and last for 60 days. If you are in need of some extra cash in a rush, there are plenty of websites that give you a set amount for your old CDs, Games and DVDs and even covers the postage. The money offered is considerably lower than the market value and they charge a set fee if CD cases are damaged.
Rent out a room
Rent your spare room out and you could make thousands of tax free pounds a year. You can choose between renting out long term or to foreign exchange students over a set period.