Earning more money is a necessity for many these days with the increased cost of living.
Even if you are unable to move to a higher-paying job, how about taking on an extra job?
Here are some easy ways to increase your income. Who knows, it might change your life!
To rent a room
The proceeds provide a generous tax-free income for anyone who rents out a room in their home. You can earn up to €14,000 tax-free per year by hosting a subtenant. A student for a year in excavation is included in the program, but short-term rentals like Airbnb are not. You don’t have to register with the Residential Tenancies Board and you can set any ground rules you like. The only condition is that you must live in the house and the accommodation is ‘attached’ or within the residence. See Revenue.ie for details.
sell your things
Summer is a great time to clear out attics and closets. Charity shops are brimming post-Covid but there is less restraint on online marketplaces. If you’ve never sold furniture, bikes or clothes on eBay, Donedeal or Depop, why not give it a try? It’s more sustainable and you control the business.
Depop takes 10 percent of your sales; eBay is different but roughly the same. Good photos and descriptions are key to get seen. It makes even more sense for children’s clothing since they outgrow everything so quickly. Try prelovedressing.ie, flopsyshop.ie or shopify.ie, but don’t be tempted to buy a ton of stuff while you’re at it!
Come to the cinema
MovieExtras.ie charges around €89.95 to join the list of extras for clients like RTE, which includes training and photos, but guarantees you get your labor or your money back.
TheExtrasDept.com is based in Belfast and accepts work for anyone on the island of Ireland. Compensation rates vary, but the company deducts 15 percent commission from daily rates (20 percent for €450 rates) and a €35 annual registration fee.
The Locations Guild of Ireland seeks plots of land for use in films, advertisements and shows. You can earn hundreds of dollars a day to enable filming in your home if deemed appropriate.
Remote Working Relief (RWR), set up in the midst of the pandemic to help those working from home, was estimated to have been taken up by just one in 10 eligible workers. RWR is 30 percent of your electricity, heating and internet bills for 2022, now higher than ever. Other rebates are available for medical expenses (20 per cent reimbursement on anything not covered by insurance), lump sum expenses for essential work clothes and tools, and a €1,600 home caregiver tax credit for a worker with a stay-at-home spouse.
Start a podcast
Do you have something interesting to say? Are you an expert in your field? If so, why not make a podcast? Melanie Boylan and Esther Ocampo started the Monday Morning Marketing Podcast in January 2020 and after a few months got paid sponsorship from AgoraPulse.
They have since conducted a paid online workshop and plan to host another. Other plans include merch as the audience grows.
Hosting a Spanish or French student is popular in the summer, but there is also demand for adults all year round.
Brexit has made it increasingly difficult for EU companies to place workers who want to learn English with British families and we are the only other English speaking country on the continent.
You can expect to earn around 150 to 300 euros per week, but it depends on the guest’s age and dependency. See irishconnection.ie, ef-ireland.ie, isaccommodation.com or check with your local language school.
Get paid for your opinion
Focus groups are big marketing news for businesses. You can earn around €3 a time by completing online surveys with agencies like surveycompare.net, acumenpanel.ie, YouGov.com, Opinionpioneer.com or swagbucks.com. Get paid for participating in cash, vouchers or gifts. Avoid any that require you to pay to join.
Become a transcriptionist
Laptop, headset, typing skills? You can make a few hundred bucks a month by transcribing meeting audio into readable format or subtitles. You work your own hours and can expect to take a test before you get hired (there are YouTube tutorials). You may be asked for photo ID as some sensitive company information may be included in your transcription. QA World (qa-world.com) pays 20c per audio minute. TranscribeMe.com pays $15-20 per hour of audio, both through Paypal.
With all the pooches being bought in lockdown, many owners are now returning to the office, so dog sitting is big business. As a dog handler you can earn between €12 and €15 per hour. Sites like mindme.ie, petsittersireland.com and indeed.ie are good for recruitment and information. Patience and fitness are required.
Tax treatment of a sideline
Gerry Scully of Tax Return Plus says all outside earnings are taxable and you are required to file a tax return.
However, if your additional income is less than €5,000 per year, you can do this by completing a Form 12 (the normal PAYE declaration). This is done online through your GovID account.
Any earnings in excess of this amount and you must submit a separate “Form 11” that is normally used by self-employed people. It’s not really that much different, but the revenue is effectively segregated as a business. You can hire an accountant whose fee is a deductible expense.
“It’s worth noting that additional non-PAYE income is added to PAYE income and taxed at the appropriate rate,” he says. This could pose a problem when you are on the verge of swells. The 20 percent limit for a single person is €36,800 (including all income) and anything above that is taxed at 40 percent.
“For example, if a PAYE worker earning $36,800 decides to start a side business and makes a profit of $3,000, then they are subject to 40 percent income tax, plus PRSI (4 percent) and USC (4.5 percent) , a total of 48.5 pieces.”
Adds Mr. Scully, “Aside jobs have allowable expenses so long as they are ‘entirely’ related to commerce.” This may include start-up expenses, advertising, professional fees, education and training, and business liability insurance.
Not filing a tax return is a criminal offense and should therefore be done from the start.
https://www.independent.ie/business/personal-finance/9-ways-to-beat-the-cost-of-living-squeeze-41878100.html 9 ways to overcome cost of living pressures