Side hustles and tax stuff

[Diddums]

I'm considering starting up a side hustle, or even two. Just me, two different businesses, doing the odd thing here or there. I might grow them in to something more, I might get bored and jack it in after a month, but to do this I need to know what the tax implications are.

I'm in the 40% tax bracket, not sure if that is relevant at all.


Is there a "tax free" threshold? If there is, what is it?

I'm sure I'm not the only one with this kind of thing, hoping some of you lot have done similar and can offer some tips!

Cheers

 

[Diddums]

Cheers folks. I might just find a private accountant and see what my options are.

 

[Diddums]

I'm intrigued what would be needed for you to pay £1000 for a foot pic

Exactly. Foot, not feet. Foot is £1k, feet is £2k.

Don't lowball me, I know what I got.

 

[Diddums]

It's both.

Admittedly It's a bit of a niche market but the upside if it takes off is tremendous.

 

[Diddums]

Not an expert but if your pension is paid via salary sacrifice you can probably opt to sacrifice whatever you earn on the side via your company to save on tax.

E.g., you earn £5k, so pay another £5k in your pension via salary sacrifice.

Excellent idea, I'll look in to this, thanks!