who LEGIT makes passive income?

Living off my pension pot - despite taking early retirement a month before Covid hit - the pot spent the last 3 years staying pretty much level (even after finance mgmt fees and my monthly takeout etc) now its happily on the way up (touches wood etc etc ) as it should have been from the start.

Its doable if you have the nerve to take your pension pot and can find a financial mgmt company you can trust (and pay) to actively manage the funds rather than just look at them once a year.. Must admit though what with a pandemic, a war or two and Liz Truss - its not been exactly stress free but no way would I go back to working for a living. (I hope :eek: )
 
sigma said:
No but close enough :p what else is passive other than investments?
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Writing a book and selling it digitally. Something you invest some time and effort in to start, then you have to do nothing but collect a cheque.
Anything where you pay someone else to do all the work doesn't really qualify, that's just running a business and is a load of admin in itself.
 
something i often think of which could give you a little spending money is a youtube channel, nothing full time, just something you are interested in, i think this would make it feel less like a job then. something that i also noticed is hte video quality and good editing can make even basic channels rack up the subs.

its not passive income but i do some car repairs on the side aswell, a lot of its mostly basics like service and replace discs / pads / calipers , or failed an MOT on snapped springs / balls joints ect, try to put of big jobs unless its a mate then ill do timing belts and clutches if im of work, but i like buying tools so it gives me a reason to have some decent tools and have them pay for there self plus have a little extra
 
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sigma said:
Someone on here has a dog grooming business app which is doing quite well.
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That's me! I'm actually going to move onto it full time next year though as I'm struggling to hold down a day job and co-run the software company! It started as passive income but has grown into something larger needing more time which is cool.
 
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Ebay will start reporting to HMRC soon... I clear a grand a month on there. Profit being likely 300 out of that.
Unfortunately it's not easy to prove what's profit... I sell 3d printed things. The plastic is cheap... but I charge £1 per printer hour to pay for electricity wear and tear and printer maintenance... its not like HMRC will accept that as expenses.. cus its not easy to prove.

I'll likely just close the ebay shop. As the aggro and hassle for that £300 profit will NOT be worth it.
 
Diagro said:
Ebay will start reporting to HMRC soon... I clear a grand a month on there. Profit being likely 300 out of that.
Unfortunately it's not easy to prove what's profit... I sell 3d printed things. The plastic is cheap... but I charge £1 per printer hour to pay for electricity wear and tear and printer maintenance... its not like HMRC will accept that as expenses.. cus its not easy to prove.

I'll likely just close the ebay shop. As the aggro and hassle for that £300 profit will NOT be worth it.
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do what car breakers do and use ebay as an advertising place without actually selling anything on there, just have a picture of an email address / web link for them to buy from

the old " if you click buy it now youll be send a wheel bolt " :D
 
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MG42Maniac said:
That's me! I'm actually going to move onto it full time next year though as I'm struggling to hold down a day job and co-run the software company! It started as passive income but has grown into something larger needing more time which is cool.
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Nice one!!! Great stuff.
 
OpenToSuggestions said:
In almost all instances where people claim passive income, it really isn't.
Being a landlord is not a passive income for almost everyone who is one.
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Really? It's pretty close in my experience. I would estimate I spent 30 mins a month on it over 7 years. Still glad to have cashed in and ditched the stress at the back of my mind though.
 
something i seem to be leaning towards from this thread is that passive income seems to be abit of smokes and mirrors, i think " earning a few extra quid " or " side hussle " seems to fit most extra sources of income.

now if only my time machine would start working, id go back a few years to before BTC went big and spend some of my savings on hardware, back when ocuk had its own pool
 
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dlockers said:
What about OCUK where everyone is an altruistic not-in-it-for-money landlord?
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I realise this is a sarcastic post (genuinely made me smile!), however I am the homeowner (<50% LTV on mortgage) and the girlfriend has moved in.
She has the option right now to buy a BTL but the risk, stress and tax just doesn't make it worth the hassle.
 
EvilRob said:
Really? It's pretty close in my experience. I would estimate I spent 30 mins a month on it over 7 years. Still glad to have cashed in and ditched the stress at the back of my mind though.
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I do think so yes.
Happy to hear your venture is going well, however I am referring to the average person who claims they have a passive income!
 
I have a feeling people will start moving to alternative platforms when they find out that the sites reporting to HMRC over to ones that don’t report. If eBay have to start sending over stats then all selling sites should. Confident of this.

What about the OCUK members market? Saying that it’s not public facing unless you meet the criteria anyway.

Edit: ah “ As HMRC says, “The campaign isn't for people who only sell a few of their personal items. They are unlikely to need to pay tax as they aren't trading.”

Got it!
 
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