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We've scoured the web to get you the most up-to-date advice which includes the most useful tools on offer from the officials themselves.

Effective tax planning is essential if you are to minimise your tax bills. Simple tax planning can significantly reduce your tax liabilities.

The self-assessment tax return is an unavoidable burden if you are liable for self-employed tax or have complicated income tax affairs.

Corporation tax is charged on a company's profits. If you trade as a limited company, ensure that paying this tax is as painless as possible.

National Insurance Contributions (NICs) are payable whether you are self-employed or employed by your own company, although different rates apply.

As well as your legal obligations, you’ll want to ensure that payroll is painless and that you use any opportunities to improve your tax-efficiency.

VAT

Effective VAT planning aims to ensure that VAT is relatively painless, and that you are reclaiming as much as possible of the VAT you pay.

Capital gains are made when you sell something for more money than you paid for it. As a result, you can be subject to tax. Take professional advice.

Business property taxes apply to businesses with commercial premises.There are two commercial property taxes: business rates and stamp duty land tax.

If you have tax problems or face a tax investigation, it pays to seek professional advice and you must act rather than just hoping for the best.

One in five side hustlers make over £1,000 a month

21 January 2025

Research shows that many Brits are planning to start a side hustle in 2025; a new study has investigated which side gigs are most lucrative for those looking to earn some extra money.

Adobe Express has conducted a study to uncover the key factors behind the success of side hustles, how much they can bring in each month and which industries are most desirable. There are, on average, over 22,000 monthly Google searches for "side hustles" in the UK, suggesting that many Brits are looking for ways to supplement their earnings with an additional income source.

Adobe Express has polled 1,500 Brits to find out more about the rise of the side hustle in the UK. Almost two-thirds (64%) say their side hustle is a success, with one in five (20%) making over £1,000 each month. A third of Brits (34%) want to keep their side hustle as a small project, whilst 7% are determined to make it a full-time business; 44% say they are considering making it their career, depending on their success.

Most popular ideas for a side hustle

For Brits who are keen to set up a side hustle, one in five people (21%) expressed a strong interest in exploring creative side gigs including graphic design, photography or art. Close behind is the retail and ecommerce sector, with 18% of people keen to dive into this industry, whether that's setting up their own site or turning to marketplaces like Etsy to sell their products.

Other popular sectors for side hustles include:

  • Technology and IT services (15%);
  • Health and wellness (15%);
  • Education and tutoring (10%).
 

Why Brits are turning to side hustles

For 66% of those polled, generating an extra income is the main motivation. With the continued cost of living rising, many professionals are looking for ways to supplement their earnings, whether it's to build a financial safety net or to help save for future goals.

Furthermore, 31% set up their side gig to pursue a passion or a hobby, showing that for many, a side hustle is for personal fulfilment and not just financial gain. For 11%, the aim is to transition to self-employment.

How much can you earn from a side hustle?

Almost two-thirds (64%) of Brits described their side hustle as a success. For 44%, between five and ten hours is all they need to maintain their side hustle, whilst 27% say they spend less than five hours a week on their venture.

Over a third (37%) say that they typically bring in between £100 and £500 each month from their venture, whilst 20% of Brits are earning £1,000 or more each month.

When asked what has helped support growth of their side hustle, 35% said that social media platforms have been crucial for marketing their business, whilst 34% mentioned support from family and friends.

Written by Rachel Miller.

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