Are you one of the many with an enterprising idea to top up your salary? From Vinted sellers to craft makers and product developers to parts repairers, we’d like to support your side hustle.
Branded Packaging for Side Hustles
Our packaging team provide helpful and personalised support to all customers. This includes micro businesses and individuals with a side hustle. With no minimum orders, we regularly manufacture boxes for those shaping a business idea in their spare time. These include:
- Moon Roast, an evening side hustle is now a thriving business with an online shop selling Great Taste award-winning coffee.
- Kihaia Prints, a couple experimenting with 3D printing, now run an online gift company.
- Bunnies That Lunch, a subscription box for rabbits started by a sixth former alongside her studies.
- Dallas Designs, a hobby turned into an online business for like-minded crafters.
Getting your branding on a box can feel like a significant step in transforming a vision into reality. What’s more, it is a great starting point for building brand awareness. We listen and we recommend options to meet your brief, values and budget. So, let our e-commerce packaging advice and commitment to sustainability help get your business ideas off on the right track. Just call 01296 436888 or email enquiries@abcbox.co.uk.
What is a Side Hustle?
A side hustle is a way to boost the income earned from a main job. What’s more, it can be an opportunity to pursue a hobby or business idea that excites and inspires you.
A side hustle might include:
- Selling handmade goods online or at a market.
- Freelance work such as animation or app creation.
- Dog walking and pet sitting.
- Renting out a room on Airbnb.
- Developing and launching a product to market.
A side hustle allows you to be your own boss. You make it flexible to fit around your other commitments and you get to make the decisions about what you do and who you work with. Equally, it provides a way to trial business ideas to see if they are viable. Some fizzle out, yet others go on to become highly successful and lucrative enterprises. An example is a local business, Letterbox4You. What started as a spare room enterprise is now a leading supplier of European letterboxes and parcel boxes.
Are Side Hustles Popular in the UK?
According to Sage research*, 47% of adults in the UK have a side hustle and it is more common in the younger generations. Are you one of them or is this a plan you have in mind?
Side hustles are a fantastic way to learn and develop new skills and extend your network. If you are your own boss, you don’t need specific qualifications to give a new venture a try. However, as with any business, there will be challenges. So, seek out advice and support from others to keep you on track.
On the plus side, technology has made it easier to equip yourself, promote your offer and get selling. Keep receipts from any purchases you make for your side hustle, as they may be needed if you complete a tax return.
Do I Need to Pay Tax on a Side Hustle?
If you earn less than £1,000 a tax year from your side hustle, it comes within the tax-free trading allowance. As a result, you don’t need to declare it to HMRC. However, as soon as it goes beyond £1,000, you are required to submit a Self Assessment Tax Return.
On a tax return, you detail your earnings from your primary job along with tax and National Insurance payments. You also detail the income and outgoings (this is where the receipts come in) from your side hustle. From this information, HMRC will calculate whether you need to pay tax and, if so, how much.
In a bid to tackle tax evasion, HMRC is taking a greater interest in side hustles. As a result, they brought in a new mandate for the current tax year. It means that platforms often used by side hustlers have to inform them when a user earns over £1,700 or makes 30+ transactions a year. The platforms include Uber, Airbnb, Vinted, eBay, Fiverr and Deliveroo.
If you’re side hustle has proved profitable, it is advisable to register for self assessment to avoid a potential fine or investigation.
Is It Time for You to Branch Out?
If you have an idea in the back of your mind, have spotted a gap in the market or think your hobby has potential, is this the year when you will branch out? With a small investment, it is possible to turn your spare time into a second occupation. And, when it comes to packaging your products, we invite you to get in touch.
