Have you got money, pensions and retirement that you want to answer, Yasmine? Connect via email money@gbnews.uk.
If you are worried about your retirement income and how it will deal with the high cost of living, try some of these easy ways to make some additional money on the side.
Side money taxes
Before you look at earning side income, it is important to know how it can affect your tax situation. You have the right to get up to 1,000 pounds annually (total) of services or informal income before you need to announce HMRC.
This is known as trading allowance. Unofficial services include things like children sitting, while informal income may be to employ your personal equipment such as energy tools or sell things through Amazon.
For those who plan to make more than 1,000 pounds annually, they must register in HMRC as working for their own account or creating a company like a limited company, partnership or community interest company (CIC).
There are some exceptions for those who can use a trading allowance, so be sure to check before you start earning additional money. Let’s take a look at some of the ways you can start earning more money on the side in the sixties and beyond.
Do you have a money story that you want to share? Connect via email money@gbnews.uk.
JASMINE BIRTLES answers questions from GB News members in exclusive funds, pensions and retirement question and answer
Yasmine Berl Gigantic
Start consultations
You have a lifelong experience in working behind you, so the perfect time is the perfect time to specialize in your experience and provide consultations to companies that need to help you.
Consultants can lead hundreds of pounds a day from work, which means that you only need a day or two per month to see a significant increase in your income.
The startup costs are also relatively low – especially if you already have a fixed network in your field. Oral word recommendations are the most powerful form of marketing, so be sure to publish your consulting services news to your peers.
Attended breakfast and local commercial events to meet similar business owners in thinking who can benefit from your services. Check the local Chamber of Commerce
Make a tax -free cash, rented room
If you have a backup room in your home, you can earn up to 7500 pounds of tax exempt by taking a hostel.
The “Rent A Rate A Rate” is a tax incentive to encourage homeowners to take housing to reduce pressure on the rented housing crisis.
The housing has less rights than the guaranteed tenant, such as requesting minimal notification to end their rent. You must have a suitable unit part of your current home (such as a room with an internal bathroom, and the kitchen sharing) and you need to live in the property as well.
You can impose fees on more than 7500 pounds annually, but it is only the first 7500 pounds of tax exempt. Anything above must be declared as an income of property in self -evaluation for each tax year.
Market research
Companies are always looking for people to test new products or get their opinions to form their services. The focus group can earn you up to 100 pounds for only a few hours!
In addition to personal concentration groups, you can participate in online research through web sites like Toluna and Swagbucks. These earn much smaller sums, but the questionnaires take only a few minutes at a time, so it is easy to participate when you wait for the boiler.
Latest developments:
More than sixties are looking for the best ways to enhance their income
Gigantic
Selling handicrafts or amazing elements
Finally, reselling amazing items of sales of booting cars or charitable stores online with EBY is a great way to achieve additional side income.
If you do not want to spend time searching for used items to resell them, you can also sell handicrafts-elements such as candles, reference signals, small keys, easy to send, and cost a little.
JASMINE BIRTLES is the founder of MoneyMagpie.com Financial for Self -Assistant. Discover more ways to earn money on the side in their money department.