This side hustle can earn you up to £50,000 a year – can you benefit? | Personal Finance | Finance

. Avatar

[ad_1]

While living costs remain high with running at 3.2 percent, many Britons have been turning to to boost their income and stay afloat.

One particular venture is raking in tens of thousands of pounds a year, and it takes one type of vehicle to do it.

Britons listing their caravans and motorhomes on Camplify to rent out have been earning anything from £10,000 and £50,000 a year, according to the hire and sharing community’s insights.

Flavia Robles at Camplify said: “By listing their vans on Camplify, owners not only tap into the thriving tourism scenes of these regions but also provide holidaymakers with the opportunity to embark on memorable adventures.

“It’s a win-win situation that allows owners to make their vans pay for themselves while sharing the joy of camping with others.”

The location earning side hustlers the most money is the Midlands, according to Camplify.

Ms Robles said: “Camplify’s insights highlight the Midlands as the undisputed champion of locations for van hire side hustles.

“Owners in the Midlands seem to be adept at capitalising on the region’s appeal to holidaymakers, making their vans pay for themselves through our peer-to-peer rental platform.”

Alongside the Midlands, the North West, Meridian (excluding Channel Islands), Yorkshire, and the East of England round out the top five locations for ROI on Camplify’s platform.

These regions boast a wealth of attractions and scenic routes, drawing adventurers from far and wide.

In the Midlands, owners can showcase the beauty of the Peak District or the tranquillity of the Cotswolds.

Meanwhile, the North West boasts the stunning Lake District and the vibrant city of Manchester.

The number of Britons with side hustles is increasing year-on-year. Research from the price comparison website Finder found 43 percent of people in the UK have at least one side hustle to provide an “additional source of income” in 2024.

However, tax experts warn those earning over £1,000 extra a year from their hobbies may have to register as a business due to new tax rules.

Tax Bite experts said: “Whether you need to register your hobby as a business in the UK depends on factors such as the intention to generate income and exceed the Trading Allowance threshold set by HMRC.

“Registering your hobby as a business entails careful consideration of its financial implications.

“If your hobby ventures into the realm of generating income beyond the Trading Allowance limit, currently set at £1,000 per tax year by HMRC, you may need to register as a self-employed individual or establish a small business.

“This step can have significant impacts on your tax obligations, as you will need to accurately report your income and expenses, potentially paying Income Tax and National Insurance contributions on your profits.”

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *