In these cash strapped times, Britons are continuing to look for innovative ways of securing themselves a second income. Whether you have possessions, skills or time to sell there are various different avenues you can look down to bring a little added income into your life. Here we’ve got three ideas to help you do just that.
Become a landlord
If you’re lucky enough to have a second property which you’ve bought to let, this is a great way of securing yourself an added income. You’ll have to take on the responsibilities of a landlord, however, which can be time consuming. Landlords insurance is a must as is obtaining health and safety certification for the property. If you aren’t able to purchase another property you can still become a landlord by renting out a spare room in your home. You won’t have to pay any tax on the rental income and can earn yourself quite a tidy profit. Have a look at various house share websites online as this will give you an idea of the going rate for a room in your area.
Teach a lesson
Do you have a talent you like to share with others? Do you think you have the patience to teach? If this applies to you, a great way of gaining a second income is by becoming a private tutor. This is an unregulated area which means that anyone can advertise their services and charge anything around £30 an hour. Think about the skills you have. Do you have a second language? Can you play an instrument? Do you have flair in the kitchen? People are interested in learning a variety of skills so place an ad for your services and you could be getting that extra income in no time.
Start to sell
Next time you clean out the attic or you get rid of an old sofa think about the profit you could make by selling the items through a service such as eBay or Gumtree. What you’ll need to think about here in terms of tax is whether you purchased the item with the intent to sell it. Your old sofa won’t fall into this category, but if you start buying jewellery with the sole purpose of selling it online these transactions will be considered trades and ought to be included as profits in your taxable income.
Comments on this entry are closed.