money making???

Kittenkirst

Hey all
Im trying to think of ways to raise cash so that I can go on a holiday in the summer, so far I have thought of

1) selling unwanted stuff on ebay
2) seling old textbooks to 2nd hand book shop in campus
3) not buying food on campus for remainder of term

But, I cant think of anything else to help me raise more money- I work part time already and a second job would attract 40% tax (already pay tax on earnings as work all year and all holidays)

Any ideas most welcome!!!!

Savvy_Sue

Kittenkirst wrote:

But, I cant think of anything else to help me raise more money- I work part time already and a second job would attract 40% tax (already pay tax on earnings as work all year and all holidays)

Are you sure about this? Are you already paying some tax at 40% or close to the higher rate band?

Because if not, then you will only pay tax at 22% on a second job. Because you've used all of your Personal Allowance on your first job.

I'm just wondering if you're getting confused? Because if you're earning enough to pay ANY tax at 40%, I can't see what the problem is! :rotfl:

There is also another thread about making money, started quite recently, if you can find that and see what ideas are there.

Good luck!

exil

40% tax requires an income of 36k, which is enough to maintain half a dozen students.

comicmankev

I had a second job when at college and was getting charged 40%. Loads of people told me this was correct for a second job. It was only when I phoned the tax office to check about something else that I found I was beeing charge 40% because my employer had not submitted a tax code for me so they charged basic rate.

You should not be paying 40% just cos it's a second job, only if your first is earning over 36k (which as a student I don't think you should be worried about a second job!)

Skyhigh

Don't sell books to a second hand book shop unless you really have you, you get much more money out of other students too.

Try and time the selling of books and such to other students when the Loan comes, as this is when people have the most disposable cash.

:!:

lellie

I pay 40% tax on my job.. but will get it back at the end of the year.

Savvy_Sue

lellie wrote:

I pay 40% tax on my job.. but will get it back at the end of the year.

Well, if the job's carrying on next year, I'd check your tax code is correct! Sooner earn interest on it in my account than let the taxman do so!

lellie

gizmoleeds wrote:

Just so you know - that is not a required arrangement. If you contact your tax office they can issue a more appropriate tax code to your second employer.

In any case they should really be putting you on BR or OT (all income taxed at 22%) not DO.

It's cos I had 2 jobs for a while and the system hasn't updated.. I don't mind.. it stops me spending the money.. cos I'll get it all back at once.

Kittenkirst

Hey guys,
Thanks v much for the tax info- seems i'd been misinformed- looks like its a second job for me then! Any other money making tips would be greatfully received as doing lots of stuff like the cupboard challenge (but f you're like me the cupboards are pretty bare anyways!)

MsDelightful

I know some fun jobs:

1) t.v. or film extra - some website recruiting students especially. Forget which though
2) medical trials - if you're healthy and non smoker and not on any prescription medication you can get some hefty paying trials (£2000 - £3000) for just a day or two of your time. Though there's always risk like the ones recently in the news.
3) washing your dad's car for a fiver here and there
4) catering - go for the posh ones who like well educated, good mannered students, and you get to go to some lavish parties for horrible rich people
5) invigilate for uni exams (paid at £10ph at my uni)

other money making schemes...

5) sell on Amazon marketplace - also good. I find easier and safer than ebay
6) and if you're popular enough, organising big parties. I know a couple of people who started their own promo business from doing parties at uni where they have access to loads of partiers.

...umm other than that open 10 student accounts and stash all the overdrafts in a high interest ISA, not to mention the freebies they give you.