Cost of living: How can I make extra income?

cost-of-living:-how-can-i-make-extra-income?
Cost of living: How can I make extra income?

According to Neesha Craig, who has been side hustling since she was 12, more individuals are seeking additional income due to pressure on family budgets. Mrs Craig now runs her website, The Fun Money Club, but began side hustling after learning to code as a child. As a child, she created a doll graphic website, which became popular in the 1990s. Google ads were added, which provided additional revenue. Mrs Craig set a challenge on her current website, that readers make an extra £5 per day.

Additionally, Mrs Craig revealed that playing mobile games is one of her favorite side hustles at the moment. Since viewers can earn money by playing games, many platforms pay for the additional viewership. Reporting rules were revamped by the UK tax authority, HMRC, in the early months of 2024. Digital platforms such as eBay, AirBnB, and Vinted are now obligated to collect and provide information on the transactions and income of sellers.

Lucy Cohen, co-founder of Mazuma Accountants, asserted that the £1,000 trading limit remains unchanged for sellers or anyone with a side gig. She went on to say that if someone sells less than £1,000 per year, they don’t have to worry because most hobby sellers fall into this category. However, those who earn more than £1,000 in a tax year may have to report their income through a tax return.

Emily Watts from Barry in Vale of Glamorgan has been selling her unwanted belongings for 15 years now, stating that buying and selling second-hand goods were better for the environment and that people should be encouraged to do it. She expressed concern that the new rules’ complexity would discourage sellers. Mrs Craig, on the other hand, feels that her younger self would be astounded that her side hustles would ultimately turn into a full-time job and an award-winning website

Read the full article from The BBC here: Read More