Having an additional job or a side hustle is becoming increasingly popular in the UK. More people than ever are opting to do something else on top of their day job to make more money. And why not? After all, money makes the world go round. If you already have a side hustle, or if you are thinking about getting one, there are several points that you should consider. Never enter a financial situation blindfolded.
Don’t underestimate the time you will need to set aside for the additional work. You may find yourself working around 15 hours each week on top of your full-time job. Then you need to think about your family time and time for yourself. If you want to side hustle like a pro, then you need to know how to manage your time effectively.
Just because it’s a side hustle, it doesn’t mean that you don’t need to commit to it, especially if you are working with clients. The less time you have to spend on it, the fewer clients you will have, and this makes it even more damaging to lose a client.
If your aim is to make your side hustle into your full-time job, you need to plan ahead. Work out what levels you need to reach in terms of money and clients. If you don’t, you may find yourself out of a job and out of pocket.
Don’t Forget The Tax Man!
If this side hustle is something you do yourself, you will need to register with HMRC as being self-employed, even though you are technically employed elsewhere. You will also have to do a self-assessment tax return every year to ensure that you are paying the correct amount of tax. The amount of tax you pay on your side hustle will include the tax that you pay on your full-time job.
If being self-employed and organising taxes is new to you, you may want to consider getting an accountant. It will take the pressure off of you, and it will, more importantly, free up some time for you to work on your business. Get in touch today to find out what we can do for you, and take a look at our free e-book to kickstart your new business.