My side hustle wisdom for Refinery 29

Iona spoke to Jessica Morgan at Refinery 29 about the legal and financial side of starting a side hustle. How do you keep your vital part-time work from home all above board? Read on to find out…

During the COVID-19 pandemic, millions of Brits have been turning to side hustles to complement their day job. In fact, 25% of the UK now claim to have a side hustle.

These extra jobs don’t need to be fully fledged second salary earners but they can be useful as an extra financial incentive, lead to personal development and can open doors to other industries without sacrificing your current job or a steady pay cheque.

Your side hustle can be anything from brand consultancy to photography to copywriting. It could be catering, doing deliveries or even selling vintage clothes.

However, a new study from Online Money Advisor has found that two-thirds of those earning additional income in the form of a side hustle could be committing tax fraud. The study of over 2,400 Brits showed that 67% of participants didn’t know how to check if they were committing tax fraud and over a quarter were found to be guilty of doing so. The top five ways that people were accidentally dodging taxes in their side hustle were not reporting all income (34%), overestimating business expenses (25%), using cash or cryptocurrencies for business transactions (22%), failing to file tax returns (19%) and overvaluing charity donations (7%).

READ THE FULL STORY ON MANAGING YOUR SIDE HUSTLE HERE!

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Iona Bain

Iona Bain

Iona is the founder and editor of the Young Money. She is now the UK's go-to voice on young personal finance.
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