Starting a side hustle is an increasingly popular endeavour, with more people taking on an extra job to make more cash than ever before. Research suggests having a side hustle can increase peoples’ incomes by 20 percent on average, and bolster the economy.
Appearing on ITV’s Tonight programme last night, one woman described how she has been able to bring in additional money.
Dawn Lacey, 64, who previously worked as a church minister, but has transformed her day-to-day life.
Ms Lacey retired to care for her father, but it didn’t stop her finances from being a squeeze.
As a result, she was looking for a way to earn extra money to help her out.
This endeavour is popular amongst the 51 to 64 age group, with Dr Charmi Patel, Associate Professor at Henley Business School, telling ITV these individuals still engage in 17 percent of side hustles
ITV presenter Adam Shaw, however, had a word of warning for those who are looking to sell products in this way.
He said it is important Britons always check they are getting involved with a reputable company.
In addition, there are tax implications to bear in mind with a side hustle, as with tax free pay at just over £12,500, a second job could mean a person is taxed at a straight 20 percent with no allowances.
As a result, individuals are encouraged to look at the official HMRC website for tax codes, as well as a tax calculator.
These tools could help Britons understand the implications of their side hustle for their personal circumstances.
ITV’s Tonight programme returns next Thursday evening.