If you’ve seen your income drop during the pandemic, have you considered taking up a side hustle? The term is an Americanism that is slowly making its way into common usage here in the UK. It refers to the practice of taking up a second job alongside your main job.
A nation of side hustlers?
A poll of 2,000 adults* published in October 2020 found that a third of respondents expected to face an average shortfall of £239 going into the festive season, with the result that 20% had started a side hustle to increase their income. What’s more, 55% of them said they expected to continue into the New Year.
Common ways to earn extra money include selling old clothes, DVDs and tech, doing odd jobs like DIY, lawnmowing or cleaning, and making and selling baked goods or crafts.
Tax implications for side hustle
Don’t forget that side hustling could have tax implications, e.g. changing your Income Tax band. You also need to remember to set aside tax on your side hustle earnings, as you’ll need to declare and pay this within specified timescales.
*musicMagpie, 2020
