A new survey from Money 118 has revealed that podcasting is a side business of smart workers throughout the UK. They make nearly £11,500 per year.
Their research showed that almost 68% of UK workers have a secondary source for income. The average annual pay is almost £5,000. Nearly three quarters of those who started their side hustles in 2020 after the coronavirus epidemic, with 17% starting a ‘hobby’ business. This was specifically between July 2020 and Dec 2020.
An additional 18% used the first half to create an additional source of income.
Data shows that podcasting is the most profitable secondary source income, with people earning an average of £954 more per month (£11/448 per year). Next is £670 per monthly for selling handmade candles (£8,040/year), and £657 per mois for renting a flat/space (£7.884/year).
British workers are most likely to sell handmade items, with 6/10 (59%) choosing it as their preferred means of making extra money. The data also shows that investing (20%) and selling collectibles or antiques (12%) are popular hobbies.
The popularity of homemade soaps is also increasing online, with Etsy data showing 6,226 listing for each category and 3,122 for the other.
The 10 most profitable secondary income sources
Podcasting – £954 a Month / £114,448 a Year
Selling handmade candles – £670/£8,040/an
Renting a space/flat – £657 per month / £7.884 per annum
Blogging – £646 a Month / £7.752 a Year
Selling soft furnishings – £616/£7,392/year
Handmade clothes/accessories available for sale at £528 per Month / £ 6,336 per Year
Handmade soaps available for sale at £525/£6,300
Writing ebooks – £517 per Month / 6,204 annually
Handmade food and drink products are sold – £485 per Month / £5,820 annually
Investing: £451 per Month / £5,412 annually
Women are more interested in hobby businesses than men, but they make more.
There has been a rise in women starting a side business, with 56% doing so between 2020-2021 and 42% of men.
Data shows that men earn more from secondary sources of income than women, but the data does not support this. On average, men earn about £427 per monthly, while women make approximately £392 per month. This is the equivalent of £35 extra per month and £420 additional per year.
Make sure you are aware of all rules and regulations
If you are thinking to sell foot pics, it is important to research the legal and tax implications.
These are just a few of the rules and regulations you need to know:
Your landlord, mortgage provider or local planning officer may need to give permission if your business is being run from your home.
Register as a Sole Trader at HM Revenue and Customs (HMRC), if you regularly sell goods and services for a profit.
HMRC is not required to know if your annual trading income exceeds £1,000. However, there are certain circumstances in which you need to register for Self Assessment. You must declare your income on a tax return.
If you make more than £85,000 per annum from a secondary source income, you might have to pay additional taxes like VAT. This could lead to VAT registration
Handling food is a hazardous activity. You should perform a risk assessment using HACCP procedures.
HMRC is the best place to go if you don’t know what to do.