Question: Extra Money

joemc

joemc

joemc

Associate
Joined
7 Jan 2011
Posts
527
Location
Derby
I've been pondering over how to make a bit of extra money in my spare time, and just have a few questions really...

1. Is it legal?
2. How much can you make extra before you have to declare it?
3. If I were to say, repair computers etc. and wanted to put out an advertisement to do so in a newspaper, do I need any sort of legal paperwork or be a company?

Bit nooby I know... but just wanted to see what could be done. :)
 
Of course its legal but all earnings in this way must be declared for tax purposes and you should look into liability insurance for when you blow someone's machine up etc.
 
1. Yes its legal to make money in your spare time.
2. Nothing. You have to declare any incomes (legally and above board)
3. You should register to be self employed aswell as doing tax returns etc as you would be running a business.

Legally.
 
1) You will go to prison if you earn extra money, JOB THEIF...
2) Nothing you ahve to declare it all
3) order 10k leaflets from vistaprint and post them, stick an add in a local paper (or one of those local leaflet things with all different adds in) for 3 months see how many calls you get

register a domain name, stick oyurself of google maps, set up a web site... (a few hours work using a template)


** insurance is cheap and a good idea, blowing up a pc is nothing and cheap to fix accidently loosing important information or being blamed for taking down a company system some how is what you need it for.... (mostly)
 
Be careful that there aren't any clauses in your current employment contract with regard to working for other companies (i.e. your own)
 
A local leaflet drop on cards to get you started.. Once you get a few from them then it's word of mouth.. For me, this was by far the most efficient means of local advertising, even over Yell.com.. Yellow pages also generated quite a bit of interest but it took time. People don't always throw old books away. I dropped 5k post card size ads through the doors of locals. People ten to hold on to them more than a leaflet.

You will need public liability insurance minimum and/or service protection.. Loose someone's data or leave a screw driver on the floor for someone to fall over, you'll be in a lot of hot water.
 
I'm breaking law with #2, not making enough on part time to get taxed anyway but still!

(the way the company pays me is dodgy!!)
 
Thanks for some great responses :) I was pretty sure I was told you can earn up to a certain amount extra before you have to declare it, but obviously I was told a lie. :)

How do people on eBay get on with selling a few bits for profit, do they have to declare it legally?
 
As soon as you show any of the characteristics of running a business...stock holding, rapid movement of stock, profit making, you should inform them that you are self-employed.
 
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