Month: February 2025

If you’ve always fancied making some side income as an online reseller, now is the best time to do it. The new tax year starts in April – so you’ve got until then to turn over up to £1000 tax free when the clock resets for the next tax year!

What is Reselling?

How is the £1000 Tax Free?

How to Find Bargains for Selling Online

Tips for Turning a Profit

Setting Yourself Up with HMRC

What Is Reselling?

Reselling is exactly what it sounds like: you find buy some bargains and then sell on for additional profit.

You can do this on a small scale – such as searching thrift shops and car boots for quirky finds now and then – or as a regular business that buys through wholesalers for big discounts before selling the products individually.

You’ll need somewhere to store your inventory, so make sure you know what you can afford to store before you get too excited looking up bargains from AliExpress online…!

How is the £1000 Tax Free?

This article is explicitly about reselling as a side business as a sole trader, let’s be clear about that. If you are selling your old clutter to make room in your home for extra cash, you don’t need to declare that to HMRC as a business. (But it helps to be able to prove that is what you’ve been selling online, if you make a regular habit of it or turn a large profit on a few items).

Let’s look at how the £1000 works if you want to run a small side business as a reseller. There is something called the Trading Allowance. And when we say small business, we mean small. The Trading Allowance is for ‘casual or miscellaneous income up to £1000 per tax year’, for self-employment income or casual services (like babysitting or gardening).

But you could earn £2000 tax free in 2025 if you’re quick. That’s because the Trading Allowance resets at the new tax year on 6th April – so if you haven’t earned anything yet, you’ve still got time in March to turn a profit. And after 6th April, you’ve got another year and another £1000 allowance.

There is one important thing to note, here. The Trading Allowance ONLY counts if you don’t want to offset your expenses. As a reseller, that means you can’t offset the expense of purchasing inventory items for resale. That’s why it’s important to find the lowest-cost bargains with the highest profit margin if you want to take advantage of the Trading Allowance.

If you earn more than £1000 in a tax year, you must register with HMRC.

How to Find Bargains for Your Reselling Side Hustle

In-person bargains can be a steal (not literally!). Take a look on websites like Freecycle and NextDoor to find things people are giving away for free – you’d be surprised what people will give you if they just want rid of it. Furniture is always available, for example, and if you’ve got a creative streak it can be easy to upcycle free furniture to flip for hundreds of pounds.

Your next in-person port of call would be car boot sales and charity shops. Avoid ‘vintage thrift’ shops, as these are likely to already have a high markup on items. But if you’ve got a good nose for a bargain, or have the time to make trips to charity shops in more affluent areas, you could nab some fantastic items to resell. If you’ve got the gift of the gab, visit car boot sales and be prepared to haggle on some star items, too.

Finally, go online. Trawl eBay and other sites like Gumtree to look for listings in the wrong category or that have spelling mistakes in the product title. These often have bargain prices – but it can take some time to find some good ones.

Scouring auctions ending soon is another great tactic. But it can be quite hard to find things in categories that you want, which are ending soon and still don’t have big bids on for last-minute bargains.

Enter: Lastminute Auction.

Lastminute Auction is an easy-to-use website that collates all eBay auctions that start at £1 that have an hour or less left on the timer. You can search by category, too, making it super easy to spot bargains that nobody has noticed! Even better, you can choose to opt in to email alerts for your favourite searches to make sure you don’t miss out when a fantastic item is listed with that magic £1 top bid remaining.

Tips for Turning a Profit

There are a few ways you can make sure you’re maximising your Trading Allowance for the biggest profit:

Set yourself a maximum price limit or achievable profit margin on an item – say £5 or 20% – to avoid overspending (remember you can’t offset your purchase cost on expenses)

Choose small things that can be easily posted at a low cost

Or, opt for one or two large items like furniture and focus on maximum profit

Take great photos and write accurate and engaging descriptions for your sales of the items

Lean into trends for a fast turnaround profit – remember things like fidget spinners? Find the hottest thing on the market right now to take advantage of the trend

Alternatively, choose a specialism like collectible cards or vinyl records so people get to know what you always like to sell.

Setting Yourself Up with HMRC

Remember, you get the £1000 Trading Allowance every tax year. Once you turn over more than £1000 in a tax year, you need to register with HMRC.

While that sounds like a bit of a faff, there is one big advantage: you can then offset the cost of your inventory against your profit instead of using the Trading Allowance. So, if your small side hustle takes off, you could take advantage of other ways to buy such as through wholesalers for big discounts. Remember you need to keep accurate accounts and submit a Self Assessment for your taxes by January 31st every year that you turn over more than £1000.

The post Start Your Resale Business Now and Get £1000 Tax Free Before April appeared first on MoneyMagpie.

Original source: https://www.moneymagpie.com/make-money/start-your-resale-business-now-and-get-1000-tax-free-before-april

If you’ve always fancied making some side income as an online reseller, now is the best time to do it. The new tax year starts in April – so you’ve got until then to turn over up to £1000 tax free when the clock resets for the next tax year!

What is Reselling?

How is the £1000 Tax Free?

How to Find Bargains for Selling Online

Tips for Turning a Profit

Setting Yourself Up with HMRC

What Is Reselling?

Reselling is exactly what it sounds like: you find buy some bargains and then sell on for additional profit.

You can do this on a small scale – such as searching thrift shops and car boots for quirky finds now and then – or as a regular business that buys through wholesalers for big discounts before selling the products individually.

You’ll need somewhere to store your inventory, so make sure you know what you can afford to store before you get too excited looking up bargains from AliExpress online…!

How is the £1000 Tax Free?

This article is explicitly about reselling as a side business as a sole trader, let’s be clear about that. If you are selling your old clutter to make room in your home for extra cash, you don’t need to declare that to HMRC as a business. (But it helps to be able to prove that is what you’ve been selling online, if you make a regular habit of it or turn a large profit on a few items).

Let’s look at how the £1000 works if you want to run a small side business as a reseller. There is something called the Trading Allowance. And when we say small business, we mean small. The Trading Allowance is for ‘casual or miscellaneous income up to £1000 per tax year’, for self-employment income or casual services (like babysitting or gardening).

But you could earn £2000 tax free in 2025 if you’re quick. That’s because the Trading Allowance resets at the new tax year on 6th April – so if you haven’t earned anything yet, you’ve still got time in March to turn a profit. And after 6th April, you’ve got another year and another £1000 allowance.

There is one important thing to note, here. The Trading Allowance ONLY counts if you don’t want to offset your expenses. As a reseller, that means you can’t offset the expense of purchasing inventory items for resale. That’s why it’s important to find the lowest-cost bargains with the highest profit margin if you want to take advantage of the Trading Allowance.

If you earn more than £1000 in a tax year, you must register with HMRC.

How to Find Bargains for Your Reselling Side Hustle

In-person bargains can be a steal (not literally!). Take a look on websites like Freecycle and NextDoor to find things people are giving away for free – you’d be surprised what people will give you if they just want rid of it. Furniture is always available, for example, and if you’ve got a creative streak it can be easy to upcycle free furniture to flip for hundreds of pounds.

Your next in-person port of call would be car boot sales and charity shops. Avoid ‘vintage thrift’ shops, as these are likely to already have a high markup on items. But if you’ve got a good nose for a bargain, or have the time to make trips to charity shops in more affluent areas, you could nab some fantastic items to resell. If you’ve got the gift of the gab, visit car boot sales and be prepared to haggle on some star items, too.

Finally, go online. Trawl eBay and other sites like Gumtree to look for listings in the wrong category or that have spelling mistakes in the product title. These often have bargain prices – but it can take some time to find some good ones.

Scouring auctions ending soon is another great tactic. But it can be quite hard to find things in categories that you want, which are ending soon and still don’t have big bids on for last-minute bargains.

Enter: Lastminute Auction.

Lastminute Auction is an easy-to-use website that collates all eBay auctions that start at £1 that have an hour or less left on the timer. You can search by category, too, making it super easy to spot bargains that nobody has noticed! Even better, you can choose to opt in to email alerts for your favourite searches to make sure you don’t miss out when a fantastic item is listed with that magic £1 top bid remaining.

Tips for Turning a Profit

There are a few ways you can make sure you’re maximising your Trading Allowance for the biggest profit:

Set yourself a maximum price limit or achievable profit margin on an item – say £5 or 20% – to avoid overspending (remember you can’t offset your purchase cost on expenses)

Choose small things that can be easily posted at a low cost

Or, opt for one or two large items like furniture and focus on maximum profit

Take great photos and write accurate and engaging descriptions for your sales of the items

Lean into trends for a fast turnaround profit – remember things like fidget spinners? Find the hottest thing on the market right now to take advantage of the trend

Alternatively, choose a specialism like collectible cards or vinyl records so people get to know what you always like to sell.

Setting Yourself Up with HMRC

Remember, you get the £1000 Trading Allowance every tax year. Once you turn over more than £1000 in a tax year, you need to register with HMRC.

While that sounds like a bit of a faff, there is one big advantage: you can then offset the cost of your inventory against your profit instead of using the Trading Allowance. So, if your small side hustle takes off, you could take advantage of other ways to buy such as through wholesalers for big discounts. Remember you need to keep accurate accounts and submit a Self Assessment for your taxes by January 31st every year that you turn over more than £1000.

The post Start Your Resale Business Now and Get £1000 Tax Free Before April appeared first on MoneyMagpie.

Original source: https://www.moneymagpie.com/make-money/start-your-resale-business-now-and-get-1000-tax-free-before-april

Home Business Magazine Online

Winter in Minneapolis is known to be freezing, but Sound in Motion has been turning up the heat with their must-attend electronic music shows all season long. The premier EDM event production company in Minnesota recently hosted a spectacular 3-night run of Subtronics’ Cyclops Armory tour in downtown Minneapolis. Each night featured electrifying dubstep performances and a packed crowd at The Armory. It was a testament to Sound in Motion’s commitment to bringing top-tier music events to the Midwest.

On Night 1 of the Cyclops Armory tour, dubstep lovers were treated to outstanding bass music DJs and breathtaking production elements. The night kicked off with electrifying sets from INZO, a beloved Chicago-based EDM DJ, as well as Truth and Smoakland. INZO’s set was a dynamic blend of deep bass and melodic, intricate soundscapes that captivated the crowd and set the stage for an exhilarating night of music.

When Subtronics later took to the turntables, he delivered an epic performance that had the audience moshing and headbanging to every thunderous drop. His set mixed in both older hit songs and new favorites that amped up all the bass music lovers. The stellar production also consisted of a huge stage screen setup, dazzling ceiling fixtures that illuminated with each beat, and a continuous screen lining the second floor of the venue, making for an almost 360 degree lighting and laser experience throughout the venue.

The bass-packed weekend continued on Night 2 with a sold-out crowd eager to take on another electrifying dubstep experience. Those who avoided social media for spoilers on the incredible stage setup were in awe of the huge rectangular light fixtures that lined the ceiling of the venue. The epic night started off with Flozone, with his fusion of dirty south and modern bass music that got the crowd moving and amped up for the night ahead.

Next up was Zen Selekta, who enchanted the attendees with her ethereal melodies and deep bass. Rusko then took the stage with his energetic drum and bass drops that kept the crowd jumping on their feet. The final opener was Mersiv, who entranced attendees with his powerful bass and atmospheric melodies.

Finally, Subtronics once again took the stage to the screaming sold-out crowd’s delight. Like night one, he played a remarkable bass-heavy set full of old hits, new remixes, and collaborations with other artists that had the whole crowd doing “bass face” with each drop. Those who missed out on Night 1 were blown away by the perfect synchronization of the ceiling light fixtures, captivating visuals, crisp lasers, and pyrotechnics.

Sound in Motion truly outdid themselves with this incredible stage production that had not yet been seen at any music venue in the Twin Cities. They gave the sold-out crowd the time of their lives. By the time the show was over, people were begging for more and many decided to go again the 3rd night of the tour.

The final night of the Cyclops Armory tour was nothing short of spectacular, featuring electrifying sets from bass house DJ Deathpact, dubstep powerhouse Level Up (a.k.a. Subtronics’ wife), and Muzz. Each artist brought their own unique energy that fired up the crowd for a final unforgettable performance by Subtronics. Once he took over the turntables, his masterful production and relentless intensity kept the atmosphere electric. It was the perfect grand finale to an extraordinary weekend of dubstep.

The Cyclops Armory weekend was a feat of EDM event orchestration for the Twin Cities music community. The dynamic production is only the beginning for Sound in Motion’s exciting, packed schedule this year. If you work for a lifestyle brand looking to broaden your market to a wide variety of potential customers within the Twin cities EDM community, consider sponsoring one of these highly anticipated upcoming shows at The Armory: Lane 8 on March 22nd, Zeds Dead on April 22nd, and LSZEE on April 25th and April 26th.

The post Subtronics Brings the Bass: Sound in Motion Hosts DJ’s 3-Night Tour in Minneapolis appeared first on Home Business Magazine.

Original source: https://homebusinessmag.com/lifestyles/subtronics-brings-bass-sound-motion-hosts-djs-3-night-tour-minneapolis/

Home Business Magazine Online

Businesses who are hiring often moan about a lack of qualified candidates applying for roles. Companies who find that they struggle with hiring talent often blame a skills gap, but what if the actual issue – and solution – is much closer to home? 

 

No matter if you source the right talent and manage to get them in the door for an interview, there are many different ways in which your interview process could actually turn interview candidates away, which then actively undermines your business and hiring process without you even realising. 

 

But, if you have a hard time getting applicants to apply for your job roles, or if you get plenty of applicants but none seem to be the right fit, then these are symptoms that you have a broken hiring process. No matter how big or small your company is, no business is immune to faults in the hiring process. So, here are 4 reasons why your hiring process may be broken. 

 

You’re Too Transactional 

At its basis, a job interview is two parties who are searching for the same thing – to fill a role. The interviewer is trying to find the right applicant, whereas the applicant is trying to secure a job. This is where most of the issues lie. There are perhaps thousands of people searching for a job at the same time, and just as many roles to fill. 

 

With such high levels of supply and demand, it is far less about a transaction and much more about cultivating a relationship. You have to look beyond the individual and instead ensure candidates are comfortable with why this will be the best role for them. Make the whole interview process about the person who is being interviewed and see how this changes your process. 

 

You’re Too Focused On Checking Boxes

A lot of companies attempt to solve their inclusion and diversity problems by making “token” hires, where they hire candidates based on minorities. This is known as box checking and can cause serious issues further down the line. 

 

Many companies don’t want to have employees who are all alike, but it is much more important that your employees feel valued for who they are and what they bring to the team. Avoid using candidates to fill quotas or to make your company look better, as it will make your candidate question everything about your company. 

 

You’re Not Correctly Assessing Skills 

Hiring candidates requires one fundamental and important question – does this candidate have the right skills for the job? But, when it comes to assessing skills, this can be tricky. Written and technical tests can help to vet a candidate’s ability for performing the tasks necessary for the role and these should be considered for the hiring process. 

 

However, a candidate’s ability and skills should be what really matters and some businesses that are struggling with inclusion and diversity are using skill assessments for a good reason. People who would otherwise be discriminated against, whether unconsciously or not, appreciate these tests. A company shouldn’t have to care about what a person looks like, their race, sexuality and age – if they can pass the test, then they are good enough to fill that role. 

 

You’re Not Being Broad Enough

If you are hiring for a role which is specialist and you are struggling to attract top applicants, then it may be that you’re not being broad enough in your search. It isn’t uncommon for people to relocate for their job and many people are actively seeking relocation, whether for personal or career driven reasons, so broadening your application horizons may work in your favour. 

 

Do some research in the field of which you are hiring and see where the most advanced countries are for that skill or experience. If you can, advertise your job within the major cities of that country and see what responses you receive. You could also advertise the job in nearby cities – some people don’t mind a commute!

 

You could always carry out video or skype interviews should someone apply who is of interest to you. If you are hiring talent from overseas, then it is vital that you do your research on the visas and legalities surrounding working in another country. Seeking support from an Immigration Lawyer in London would be wise. For long-term hiring it would be key for your employee to obtain indefinite leave to remain. 

 

The Takeaway

If you notice your businesses hiring techniques within these reasons, then it is likely that your hiring process is broken. But, there is no damage which is irreparable and you can change your hiring techniques to start getting wonderful applicants. The key to achieving this is to instead focus on the most sustainable and effective way of attracting talent.

The post 4 Reasons Why Your Hiring Process May Be Broken appeared first on Home Business Magazine.

Original source: https://homebusinessmag.com/growing-a-business/diversifying-a-biz/4-reasons-why-your-hiring-process-may-be-broken/

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Buy Now

If you’ve always fancied making some side income as an online reseller, now is the best time to do it. The new tax year starts in April – so you’ve got until then to turn over up to £1000 tax free when the clock resets for the next tax year!

What is Reselling?

How is the £1000 Tax Free?

How to Find Bargains for Selling Online

Tips for Turning a Profit

Setting Yourself Up with HMRC

What Is Reselling?

Reselling is exactly what it sounds like: you find buy some bargains and then sell on for additional profit.

You can do this on a small scale – such as searching thrift shops and car boots for quirky finds now and then – or as a regular business that buys through wholesalers for big discounts before selling the products individually.

You’ll need somewhere to store your inventory, so make sure you know what you can afford to store before you get too excited looking up bargains from AliExpress online…!

How is the £1000 Tax Free?

This article is explicitly about reselling as a side business as a sole trader, let’s be clear about that. If you are selling your old clutter to make room in your home for extra cash, you don’t need to declare that to HMRC as a business. (But it helps to be able to prove that is what you’ve been selling online, if you make a regular habit of it or turn a large profit on a few items).

Let’s look at how the £1000 works if you want to run a small side business as a reseller. There is something called the Trading Allowance. And when we say small business, we mean small. The Trading Allowance is for ‘casual or miscellaneous income up to £1000 per tax year’, for self-employment income or casual services (like babysitting or gardening).

But you could earn £2000 tax free in 2025 if you’re quick. That’s because the Trading Allowance resets at the new tax year on 6th April – so if you haven’t earned anything yet, you’ve still got time in March to turn a profit. And after 6th April, you’ve got another year and another £1000 allowance.

There is one important thing to note, here. The Trading Allowance ONLY counts if you don’t want to offset your expenses. As a reseller, that means you can’t offset the expense of purchasing inventory items for resale. That’s why it’s important to find the lowest-cost bargains with the highest profit margin if you want to take advantage of the Trading Allowance.

If you earn more than £1000 in a tax year, you must register with HMRC.

How to Find Bargains for Your Reselling Side Hustle

In-person bargains can be a steal (not literally!). Take a look on websites like Freecycle and NextDoor to find things people are giving away for free – you’d be surprised what people will give you if they just want rid of it. Furniture is always available, for example, and if you’ve got a creative streak it can be easy to upcycle free furniture to flip for hundreds of pounds.

Your next in-person port of call would be car boot sales and charity shops. Avoid ‘vintage thrift’ shops, as these are likely to already have a high markup on items. But if you’ve got a good nose for a bargain, or have the time to make trips to charity shops in more affluent areas, you could nab some fantastic items to resell. If you’ve got the gift of the gab, visit car boot sales and be prepared to haggle on some star items, too.

Finally, go online. Trawl eBay and other sites like Gumtree to look for listings in the wrong category or that have spelling mistakes in the product title. These often have bargain prices – but it can take some time to find some good ones.

Scouring auctions ending soon is another great tactic. But it can be quite hard to find things in categories that you want, which are ending soon and still don’t have big bids on for last-minute bargains.

Enter: Lastminute Auction.

Lastminute Auction is an easy-to-use website that collates all eBay auctions that start at £1 that have an hour or less left on the timer. You can search by category, too, making it super easy to spot bargains that nobody has noticed! Even better, you can choose to opt in to email alerts for your favourite searches to make sure you don’t miss out when a fantastic item is listed with that magic £1 top bid remaining.

Tips for Turning a Profit

There are a few ways you can make sure you’re maximising your Trading Allowance for the biggest profit:

Set yourself a maximum price limit or achievable profit margin on an item – say £5 or 20% – to avoid overspending (remember you can’t offset your purchase cost on expenses)

Choose small things that can be easily posted at a low cost

Or, opt for one or two large items like furniture and focus on maximum profit

Take great photos and write accurate and engaging descriptions for your sales of the items

Lean into trends for a fast turnaround profit – remember things like fidget spinners? Find the hottest thing on the market right now to take advantage of the trend

Alternatively, choose a specialism like collectible cards or vinyl records so people get to know what you always like to sell.

Setting Yourself Up with HMRC

Remember, you get the £1000 Trading Allowance every tax year. Once you turn over more than £1000 in a tax year, you need to register with HMRC.

While that sounds like a bit of a faff, there is one big advantage: you can then offset the cost of your inventory against your profit instead of using the Trading Allowance. So, if your small side hustle takes off, you could take advantage of other ways to buy such as through wholesalers for big discounts. Remember you need to keep accurate accounts and submit a Self Assessment for your taxes by January 31st every year that you turn over more than £1000.

The post Start Your Resale Business Now and Get £1000 Tax Free Before April appeared first on MoneyMagpie.

Original source: https://www.moneymagpie.com/make-money/start-your-resale-business-now-and-get-1000-tax-free-before-april

Home Business Magazine Online

So, you’ve come across business owners online talking about their property investments and impressive portfolios of homes they own. If you’re anything like the rest of us, you’re probably thinking how did they achieve such an impressive accomplishment? And how would one grow a property portfolio to quit their job and live off the income generated? The answer is simple, patience and education. Building a property portfolio isn’t exclusive to millionaires. It’s a journey that anyone with the right mindset and strategy can achieve and flourish within. If you’re new to this world, don’t worry. Here’s a simple, no-nonsense guide to help you get started.

 

What is a Property Portfolio and Why Do Investors Want One?

A property portfolio is simply a collection of investment properties owned by an individual or company. Investors build portfolios to generate long-term wealth through rental income and capital appreciation. The goal is to acquire multiple properties that provide consistent cash flow and financial security. The best part? You don’t need to be a millionaire to start, just a solid plan and the willingness to learn.

 

Getting Started in Property

Before diving into property investment, take time to educate yourself through reading books, attending seminars, and following industry experts. Be careful of the types of creators you take advice from, as a lot of them share false information which can be detrimental when diving into the property world. Property investment isn’t a get-rich-quick scheme, it requires careful planning and understanding of market trends. Knowing the risks and rewards upfront will put you in a better position to make smart decisions.

 

Establish Your Goals

Ask yourself what you want from your property portfolio. Are you looking for passive income, long-term capital growth, or financial freedom? Your goals will shape your investment strategy, whether it’s buying and holding for rental income or flipping properties for quick profits.

 

Buy Your First Property

Your first investment property is the foundation of your portfolio, so choose wisely. Research different areas, consider market demand, and ensure the numbers stack up. Look at factors like rental yields, property appreciation, and overall costs, including maintenance and taxes.

 

Understand Your Purchase Strategies

There’s more than one way to acquire properties, and understanding the different strategies can help you find the best deals:

• BMV Properties – Buying below market value (BMV properties) allows you to maximise returns and build equity quickly.
• Auction – Purchasing properties at auction can offer great deals, but be prepared to act fast and do your due diligence beforehand.
• Traditional Sale – Buying through an estate agent is the most common route, offering a wide range of properties to choose from.
• Direct to Vendor – Dealing directly with sellers can lead to off-market opportunities and better negotiation power.

 

Consider Professional Property Sources

Working with property sourcing companies can help you find investment-ready properties without spending hours searching the market. UK property investment professionals have access to exclusive deals and can streamline the buying process, especially fi yo are a beginner looking for your first investment to go seamlessly. Remember that all investments come with risk, even working with professionals, you can’t always predict how the market will change, so don’t risk everything to purchase your first home. Get a good investment store before committing, or trusting an investment management company.

 

Find a Strategy That Works for You

Once you have your first property, focus on a strategy that aligns with your goals and risk tolerance. Some popular investment strategies include:

 

• BRR (Buy, Refurbish, Refinance) – Ideal for investors looking to recycle their capital by increasing a property’s value.
• Buy-to-Let – A classic approach where you purchase a property and rent it out for a steady monthly income.
• HMO (House in Multiple Occupations) – Renting to multiple tenants in a shared house can generate higher rental yields.
• Social Housing – Leasing properties to local authorities or housing associations offers consistent income with lower tenant turnover.

 

Use What Works, Then Diversify

Once you find a strategy that suits you, stick with it and refine your process as you learn. As your portfolio grows, consider diversifying your investments to reduce risk and maximise returns. You might start with buy-to-let and later explore commercial properties or development projects.

 

Keep on Building

The key to a successful property portfolio is persistence. Keep learning, reinvesting, and expanding your knowledge. Reinvest profits into new properties, leverage finance wisely, and always stay informed about market trends. With time and dedication, your property portfolio can become a powerful wealth-building tool that gives you financial freedom. Remember, success in property investment doesn’t happen overnight. Stay patient, stay focused, and keep building!

The post Building a Property Portfolio: The Need To Know For Beginners appeared first on Home Business Magazine.

Original source: https://homebusinessmag.com/businesses/real-estate/building-a-property-portfolio-the-need-to-know-for-beginners/

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<p>Online gaming has emerged as a cultural force, reshaping the entertainment landscape and connecting people across the globe in unprecedented ways. Over the years, it has evolved from a niche pastime to a mainstream phenomenon, captivating millions of players from diverse backgrounds. This shift can be attributed to several key factors that have transformed online gaming into a dynamic and influential domain.</p>
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<p>The competitive dimension of online gaming has given rise to esports, a burgeoning industry with a global following. Competitive gaming tournaments now draw massive audiences, both online and in physical arenas, elevating professional gamers to celebrity status. The esports ecosystem encompasses a variety of games, from first-person shooters to real-time strategy titles, attracting sponsors, advertisers, and investors who recognize the market potential of this rapidly growing sector.</p>
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<p>Online gaming has emerged as a cultural force, reshaping the entertainment landscape and connecting people across the globe in unprecedented ways. Over the years, it has evolved from a niche pastime to a mainstream phenomenon, captivating millions of players from diverse backgrounds. This shift can be attributed to several key factors that have transformed online gaming into a dynamic and influential domain.</p>
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<p> </p>
<p>The social aspect of online gaming has played a pivotal role in its widespread adoption. Multiplayer games, in particular, have turned virtual spaces into hubs for social interaction, collaboration, and competition. Gamers can connect with friends and fellow enthusiasts worldwide, transcending geographical barriers and forging friendships in the digital realm. The sense of community cultivated within these virtual worlds has become a defining feature of the online gaming experience.</p>
<p> </p>
<p>The competitive dimension of online gaming has given rise to esports, a burgeoning industry with a global following. Competitive gaming tournaments now draw massive audiences, both online and in physical arenas, elevating professional gamers to celebrity status. The esports ecosystem encompasses a variety of games, from first-person shooters to real-time strategy titles, attracting sponsors, advertisers, and investors who recognize the market potential of this rapidly growing sector.</p>
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<p>Technological advancements have played a pivotal role in enhancing the online gaming experience. High-speed internet, advanced graphics, and immersive technologies like virtual reality have elevated the quality of gameplay, creating more engaging and realistic virtual worlds. These technological innovations have not only attracted new players but also expanded the possibilities for game developers to create innovative and visually stunning experiences.</p>
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If you’ve always fancied making some side income as an online reseller, now is the best time to do it. The new tax year starts in April – so you’ve got until then to turn over up to £1000 tax free when the clock resets for the next tax year!

What is Reselling?

How is the £1000 Tax Free?

How to Find Bargains for Selling Online

Tips for Turning a Profit

Setting Yourself Up with HMRC

What Is Reselling?

Reselling is exactly what it sounds like: you find buy some bargains and then sell on for additional profit.

You can do this on a small scale – such as searching thrift shops and car boots for quirky finds now and then – or as a regular business that buys through wholesalers for big discounts before selling the products individually.

You’ll need somewhere to store your inventory, so make sure you know what you can afford to store before you get too excited looking up bargains from AliExpress online…!

How is the £1000 Tax Free?

This article is explicitly about reselling as a side business as a sole trader, let’s be clear about that. If you are selling your old clutter to make room in your home for extra cash, you don’t need to declare that to HMRC as a business. (But it helps to be able to prove that is what you’ve been selling online, if you make a regular habit of it or turn a large profit on a few items).

Let’s look at how the £1000 works if you want to run a small side business as a reseller. There is something called the Trading Allowance. And when we say small business, we mean small. The Trading Allowance is for ‘casual or miscellaneous income up to £1000 per tax year’, for self-employment income or casual services (like babysitting or gardening).

But you could earn £2000 tax free in 2025 if you’re quick. That’s because the Trading Allowance resets at the new tax year on 6th April – so if you haven’t earned anything yet, you’ve still got time in March to turn a profit. And after 6th April, you’ve got another year and another £1000 allowance.

There is one important thing to note, here. The Trading Allowance ONLY counts if you don’t want to offset your expenses. As a reseller, that means you can’t offset the expense of purchasing inventory items for resale. That’s why it’s important to find the lowest-cost bargains with the highest profit margin if you want to take advantage of the Trading Allowance.

If you earn more than £1000 in a tax year, you must register with HMRC.

How to Find Bargains for Your Reselling Side Hustle

In-person bargains can be a steal (not literally!). Take a look on websites like Freecycle and NextDoor to find things people are giving away for free – you’d be surprised what people will give you if they just want rid of it. Furniture is always available, for example, and if you’ve got a creative streak it can be easy to upcycle free furniture to flip for hundreds of pounds.

Your next in-person port of call would be car boot sales and charity shops. Avoid ‘vintage thrift’ shops, as these are likely to already have a high markup on items. But if you’ve got a good nose for a bargain, or have the time to make trips to charity shops in more affluent areas, you could nab some fantastic items to resell. If you’ve got the gift of the gab, visit car boot sales and be prepared to haggle on some star items, too.

Finally, go online. Trawl eBay and other sites like Gumtree to look for listings in the wrong category or that have spelling mistakes in the product title. These often have bargain prices – but it can take some time to find some good ones.

Scouring auctions ending soon is another great tactic. But it can be quite hard to find things in categories that you want, which are ending soon and still don’t have big bids on for last-minute bargains.

Enter: Lastminute Auction.

Lastminute Auction is an easy-to-use website that collates all eBay auctions that start at £1 that have an hour or less left on the timer. You can search by category, too, making it super easy to spot bargains that nobody has noticed! Even better, you can choose to opt in to email alerts for your favourite searches to make sure you don’t miss out when a fantastic item is listed with that magic £1 top bid remaining.

Tips for Turning a Profit

There are a few ways you can make sure you’re maximising your Trading Allowance for the biggest profit:

Set yourself a maximum price limit or achievable profit margin on an item – say £5 or 20% – to avoid overspending (remember you can’t offset your purchase cost on expenses)

Choose small things that can be easily posted at a low cost

Or, opt for one or two large items like furniture and focus on maximum profit

Take great photos and write accurate and engaging descriptions for your sales of the items

Lean into trends for a fast turnaround profit – remember things like fidget spinners? Find the hottest thing on the market right now to take advantage of the trend

Alternatively, choose a specialism like collectible cards or vinyl records so people get to know what you always like to sell.

Setting Yourself Up with HMRC

Remember, you get the £1000 Trading Allowance every tax year. Once you turn over more than £1000 in a tax year, you need to register with HMRC.

While that sounds like a bit of a faff, there is one big advantage: you can then offset the cost of your inventory against your profit instead of using the Trading Allowance. So, if your small side hustle takes off, you could take advantage of other ways to buy such as through wholesalers for big discounts. Remember you need to keep accurate accounts and submit a Self Assessment for your taxes by January 31st every year that you turn over more than £1000.

The post Start Your Resale Business Now and Get £1000 Tax Free Before April appeared first on MoneyMagpie.

Original source: https://www.moneymagpie.com/make-money/start-your-resale-business-now-and-get-1000-tax-free-before-april