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After the professional world has been turned completely upside down by the pandemic, many are enjoying side hustles as they reap the benefits of working full-time or part-time from home. Due to the cost-of-living crisis too, extra cash is going a long way for many households and individuals across the UK.
Stay at home parents are now looking for any extra income streams while the kids are at school. Luckily, if you have a car, the side-hustle opportunities are endless and can easily fit in alongside any other commitments that you might have.
Definition Of Side Hustles
Side hustles are activities that you do outside of your day job to make additional money. Most require little or no investment and offer flexible hours, allowing you to fit them into your schedule when it works for you.
It’s worth noting the HMRC guidelines on extra income that doesn’t come direct from your employer, or covered in your self assessment form. Important points include exceeding the personal allowance of £12,570 and the additional trading allowance of £1,000 a year.
Become a delivery driver
The most obvious way to make money with your is by becoming a delivery driver. You could deliver for giant logistics companies or even work for major supermarkets and help with food deliveries.
Courier services like Hermes and Amazon can employ anyone who has a vehicle in the UK and pays reasonably well for it. Deliveroo is an option, and an example of the zero hour contract gig economy and how easy it is to make extra money with your car and some spare time.
It’s easy to sign up. All you need to do is fill in an online application form, prove that you have a clean driving licence and valid car insurance, and obtain a DBS certificate (criminal record check).
Again, you can subtract petrol costs from your actual earnings
Carpooling and Ride-sharing
Carpooling is a super easy way to make money on the side, and most of the time you don’t have to go out of your way to do it. If you know you’re driving a popular route between two major cities, advertise your journey on a carpooling app or website and watch your car seats fill up.
Not only is this a great way to earn a bit of money, but it’s also an environmentally friendly way for people to travel and reduces the number of cars on the road. By car sharing, you’re also doing your bit for the environment.
Car flipping
If you haven’t a clue what car flipping is (and have a rather comic image in your head), you’re not alone. Car flipping involves buying a used car, fixing it, and selling it for more money. The whole process is usually done quite quickly and can be very profitable if you know how to do it right.
If you’re interested in cars and generally know your way around them, this is a great way to make good money fast. And with temporary car insurance, you can drive the car back from the buyer and test its performance at the same time.
Just make sure to keep your margins big. If you invest too much in improving them, your profit might not be worth the effort. Plus for tax purposes, any expenditure should be subtracted from the final sale price.
Car boot sales
Possibly the easiest one on this list which requires the least paperwork and admin, car boot sales are a great way to sell unwanted things you have around the house and make a little bit of cash. All you need is (you guessed it) a car boot, and you’re set!
The good thing about selling second hand items, means that you are usually selling them at a loss compared to the purchase price. So if you have kept could records then these earnings should not be subject to capital gains tax.
Pet transportation
Often taxi’s don’t accept pets, so you can offer a pet transportation services to people who need to take trips to the vet or groomer. Admittedly it’s a niche service, but with local advertising in your area you could get regular clients.
In conclusion, a side hustle with your car can be an excellent way to earn extra money. To get started, do some research on delivery services that may be available in your area, as well as any local opportunities for entrepreneurs. Don’t forget to check out your tax requirements, and find that opportunity that fits into your lifestyle and helps you reach financial goals.
