If you’re the sort of person who likes to take some reading material into the bathroom with you, then why not try to make money on the toilet instead?

Here are 10 things you can try:

1. Do an online survey – or three
2. Check Free Postcode Lottery for a chance to win money every day
3. Slogan competitions
4. Save money by switching your gas and electricity
5. Earn while you surf
6. Save money by switching your car insurance
7. Save money by your home insurance
8. Come up with a killer business idea
9. Come up with a new TV game show format
10. Sell your toilet roll tubes
11. Play Games

Do an online survey – or three

Online surveys are a quick and easy way to make money on the toilet. They can be quick or long, depending on which one you do.

We like Inbox Pounds. It’s easy to sign up simple to use wherever you are. Including the bathroom.

In fact they give you £1 just for signing up, so you’ll be making money even If it’s a very quick visit.

Take a look at our article on how to make money with online surveys to see even more survey sites that will can be used to make money on the toilet!

Check the Postcode Lottery for a chance to win money every day

Now this really is a quick and easy one.

Check the Free Postcode Lottery for an opportunity to win money every day. On some days they have over two thousand pounds to give away if it’s been a roll-over.

All you need to do is sign up with your email address and postcode. Then you check the site each day to see if your postcode is the winning one. It’s that easy. Read our article about it here.

They also have other ways to win such as an Emoji Lottery and a Video Lottery. So if you happen to be someone who takes a little while on the toilet, then this may be worth a try.

Check it out and sign up for free here.

Come up with slogans for competitions

We love competitions at MoneyMagpie. In fact, we often tell you about upcoming contests in our newsletter (sign up here to get them sent to your inbox).

As you can see in our article on how to get money and freebies through competitions, some companies run slogan competitions, here you have to come up with a clever little phrase about their product to win the prize.

Save money switching gas and electricity

If you’re reading this on your smartphone right now, you could be saving yourself a tidy sum just by switching your gas and electricity provider. You don’t even need your bills to see how much you could save. Just put your postcode into the box here and see which companies are offering you a cheaper deal.

It’s likely that it will be one of the smaller suppliers. They are doing their best to get into the market and compete with the larger providers who dominating it.

Check it out now and make some money!

Earn while you surf

You could win up to £250 a month just for surfing the net with this competition site called Neilsen.

They have been known to give up to £30,000 away every year.

 Save money switching your car insurance

Again, while you have your mobile phone on you consider switching your car insurance. Your car insurance premium may have gone up since you last checked, but you can save yourself money by switching to a cheaper deal than you have now.

Take this time do explore the different options that are available.

Switch to a better car insurance deal here.

 Save Money switching your home insurance

According to Which? Magazine you should be able to save money by switching your home insurance. While sitting on the throne you may have some time to kill. Why not try this?

Do it here. Switch to a better home insurance deal.

Come up with a killer business idea

Is visiting the loo the only time you get some peace and quiet and time to think? It is for some people, if so then spend a bit of extra time to ponder a killer business idea.

You probably already have one rattling around your mind. Use this time to work out how to do it, what you will need to start and how to make a profit.

We have plenty of ideas for you, as well as lots of help and advice to hey you started here on our small business section. For example, take a look at this article with twenty tips for setting up your own business.

Come up with a new TV game show format

Feeling creative? Being on the toilet can be a good time to come up with story ideas for a novel or other creative pursuit.

But have you ever considered creating a TV game show idea?

Game shows can be hugely lucrative if you can come up with an original concept it right. People make hundreds of thousands from a successful idea they came up with which was then sold to production companies all over the world.

See our article here on how to come up with a winning TV game show format.

Sell your toilet roll tubes

It’s possible to sell the cardboard insides of your toilet rolls on eBay. There really are people who need them for craft projects and will buy them off you. Sell them for about £7 per 50. If you have a family you will probably get through a lot and will be able to gather 50 rather quickly.

It’s not a major income by any means, but it’s simple enough to do.

Play Games

For all the gamers, help to improve game development by getting paid for testing games. Find out how here.

Sign Up – Newsletter

The post Ten ways to make money, while on the toilet! appeared first on MoneyMagpie.

Saving when you’re on a low income seems impossible – but with the Government’s Help to Save account, it’s not only possible but lands you with a whopping 50% bonus. The scheme has been extended to new applications until April 2027.

Designed for those in receipt of Universal Credit, this little-known savings account is available for many people on a low income. Over the course of 4 years, you could earn a massive £1200 FREE BONUS from the Government.

Here’s everything you need to know about this well-kept secret!

1. What is Help to Save?
2. How it Works
3. Who is Eligible for Help to Save?
4. When Do I Get My Bonus?
5. What Are the Advantages of Help to Save?
6. What Are the Disadvantages?
7. Will it Affect My Benefits?
8. How to Open a Help to Save Account
9. More Ways to Save Money on a Low Income
10. Extra Ways to Earn More Money

What is Help to Save?

The Government wants to encourage those on low incomes to save money. But, is saving really worth it when interest rates are so low and you need all the cash you’ve got?

Help to Save is the answer. It’s an easy-access savings account that comes with an added Government bonus in the second and fourth year you hold the account. The bonus isn’t interest – so it doesn’t count towards the annual £1000 tax-free allowance for interest earnings.

For the self-employed, it’s also worth noting that these bonuses don’t count as generated income – so no need to add them on your tax return.

The key things to know about Help to Save are:

1. You can save up to £50 a month (and there’s no penalty for months you don’t pay in)
2. If you’re in a couple, you can each have a Help to Save account
3. You’re eligible if you’re on Universal Credit and earn a household income of just £1 or more in one month
4. You only need to hit that earning amount once to qualify
5. In years two and four you get a bonus worth 50% your total savings of the highest amount saved in that year
6. You can withdraw your money at any time
7. It’s a Government scheme, so your money is safe (unlike, for example, a savings app that’s not covered by the FSCS rules).

How does Help to Save work?

You can pay between £1 to £50 a month into the account for a maximum of four years. You don’t have to pay in every month, either.

Withdrawals are easy and penalty-free at any time you have the account – but taking money out will reduce the amount of bonus you’ll get.

At the end of the second year and fourth year of holding the account, you’ll get paid your bonus.

This bonus is a whopping 50% of the highest amount you’ve saved to date in the account. That’s not 50% on the account balance at the time of payment: it’s the highest balance you’ve achieved ever on the account in the bonus period (which is years 1 and 2, then years 3 and 4).

That’s an important distinction: it means that, if you REALLY need to dip into your savings, you can still get the bonus on them. You just won’t be able to get the biggest bonus (as you can only pay £50 in each month).

For example, let’s say you’ve saved £400 in your account by the end of the second year. You actually managed to save £500, but had to withdraw £100 for an emergency bill payment.

Your bonus would be £250 – 50% of £500 – as that’s the highest amount you’ve held in the account so far.

Of course, if you pay in £50 a month for the full four years, that means you’ve saved £2,400 of your own money – leading to a huge £1,200 bonus total from the Government. This is paid in two instalments: at the end of year two, the maximum bonus is £600 (if you’ve saved your full allowance of £1,200). At the end of year four, when the account closes, you’ll receive a further £600 if you’ve saved another £1,200.

There are no savings accounts AT ALL that offer such a generous and GUARANTEED return! If you can get this account, do it!

Who is Eligible for Help to Save?

You need to show that you’re earning enough money through some paid work before you become eligible for the account. Don’t worry: it’s not a large amount and can be earned by your household so if you and your partner both have some work, both incomes count towards the amount (as Universal Credit is shared for couples, too).

You can’t use your Universal Credit payment to qualify for the account. This is where the account encourages people to work and save: if you’re earning through a job, but have a low income, you can still receive some Universal Credit – and it’s these people that the account is aimed at.

If earning the minimum amount to qualify means you won’t get Universal Credit that month, don’t panic! Your Universal Credit doesn’t automatically stop the minute you earn more than your UC entitlement. That’s why monthly assessments exist: it monitors your AVERAGE income over a period of time (making it ideal for the self-employed or those working irregular hours).

To qualify, you must:

• Receive any amount of Universal Credit
• OR receive Working Tax Credit OR Child Tax Credit
• Earn at least £793.17 from paid work in your last monthly assessment period
• Be resident in the UK

THE APRIL 2025 UPDATE

If you’ve just read that and thought you won’t qualify for an account – think again! In April 2025, the minimum earning threshold is being slashed to £1. So you only need to earn £1 in earnings, in one Universal Credit assessment period, to be eligible to apply for an account.

If you stop receiving benefits after opening a Help to Save account, you can keep the account for the full four years and still receive the bonuses.

When Do I Get My Bonus?

You receive your bonus directly into your bank account. It happens twice: once at the two-year anniversary and again at the four-year mark when the account closes.

It’s not paid into your Help to Save account – it’s paid into your dedicated bank account. That means if you want it to go straight into another savings account, you can put that as the account you’d like it to be paid into. Otherwise, it’ll go to your current account.

At the fourth-year anniversary, you’ll get your bonus payment and have to withdraw your full amount saved as the account closes.

What Are the Advantages of Help to Save?

The most obvious advantage here is FREE MONEY! You have to wait a couple of years to get it – but for a relatively small monthly investment, it’s a fantastic and guaranteed return of 50% on your savings. NO other savings product offers such surety or high returns. 

Other advantages of Help to Save include:

• The bonus is tax-free
• Couples can each hold an account
• You can save as little as £1 a month
• You can withdraw money if you need it
• Bonuses paid every two years (so you can anticipate the payment)
• The account doesn’t cost anything to have
• It encourages regular saving habits
• It’s easy to build an emergency savings fund

It’s also worth noting that the account is operated by NS&I, the state-backed platform – so your savings are safer here than any other bank account.

If you have a joint Universal Credit claim with a spouse or partner, and you’re both eligible, you can BOTH have a Help to Save account. That means, between you, if you save £50 each a month across the four years, you’ll have saved £4,800 PLUS get bonuses totalling £2,400 between you – that’s enough for a house deposit.

If you’re saving for a house deposit, you could maximise the Government returns by putting your bonus payments into a Lifetime ISA, and when the Help to Save account matures move across your savings into the LISA, to get an EXTRA £1,000 tax-free. There are lots of restrictions with this type of account, so make sure you research first.

Are There Any Disadvantages?

There are few disadvantages to having a Help to Save account.

You do have to meet the eligibility requirements to open an account. However, these are quite easy to meet and you only need to have met the earnings requirement of £793.17 in ONE assessment period before you open a Help to Save account. That is also a joint amount if you live with a partner or spouse – so if one of you earns £300 in a month and the other earns £500 in a month, that’s £800 total so would qualify.

That means people on irregular hour contracts, or the self-employed, may have an overall low income – but find one month makes them eligible to apply for the account.

If you have lots of debt you may be better off paying off high-interest debts than saving your money.

You can’t open another Help to Save account once your four years is over. Similarly, if you close it before your four-year term is up, you cannot open a new one.

Your savings could impact your benefit entitlement – read on for more detail.

Will Help to Save Affect My Benefits?

If you’re only saving into this account, and have no other savings, then your benefits won’t be affected.

If you already have some savings, however, it could affect your entitlement to some benefits.

For example, any savings over £6,000 could impact your Council Tax benefit, while savings above £16,000 disqualify you from receiving any benefits at all.

The bonus, however, is not a taxable income. This means it won’t affect your Working Tax Credit or Child Tax Credit eligibility.

How to Open a Help to Save Account

The Help to Save account links to your Universal Credit online account. This means it’s easy to find out if you’re eligible to apply: it’ll tell you during the application process if you’ve earned enough in your last assessment period.

Bear in mind that it can take up to a week for your assessment period to update, so wait at least 7 days after your most recent monthly assessment to apply for a Help to Save account.

Go to the Help to Save Application link to start your application. You’ll need a Government Gateway ID and password – if you don’t have one, you can set one up during this process.

Follow the steps on the screen to apply. You’ll need to add your mobile phone number so that when you log in, the system can send a security code each time for a secure login process.

When your account has been accepted and set up, you can amend your bank details. If possible, set up a direct debit to transfer a regular amount each month. This helps you remember to save every month to make the most of your saving potential!

More Ways to Save on a Low Income

The biggest challenge with having a Help to Save account is finding the £50 a month to save. You don’t have to save that much, of course – but if you can, that bags you the biggest bonus.

Here are just a few ways to boost your income – even without much time on your hands.

Take surveys

Online survey sites like Swagbucks and Toluna offer an easy way to make small bits of cash here and there in your spare time.

Answer surveys about your spending habits, opinions, or lifestyle for just a few minutes each day and you’ll quickly see the fund build!

Become a mystery shopper

Get paid to go shopping, visit the cinema, and even travel! Mystery shoppers review all sorts of places from retail outlets to restaurants and even airlines.

You’re sent on a mission to try a product or service. You have to then provide feedback about your shopping experience – both positive and negative – to help companies improve their service.

You’ll be paid for your time and reimbursed for your purchases – so it’s a great way to dine out for free, too!

Sell your crafts

If you’re a crafty person with a hobby that’s a passion, use it! Whether you’re a keen knitter or avid woodturner, there’s a market for your items out there.

Online shops like Etsy make it easy to sell your creations to a wide audience across the world. Just be sure to declare all income as you would a normal self-employed business – and make sure you’re not being stung by platform or shipping fees, too.

Sell your skills

You don’t have to make things to make money! Offer your skills as a tutor if you’ve got a knack for teaching, or take on the tasks everyone hates but you secretly love – like ironing.

The digital age means we’re all consuming more content than ever – and that means writers and graphic designers have come into their own as a freelance force. Use these skills to side hustle until you’ve built a solid customer base – then you can always launch as a full-time business!

You can earn up to £1,000 a year before declaring income from ‘ad-hoc’ jobs, too.

Register as a childminder

Many people on Universal Credit are either part-time workers or stay-at-home parents with children. If you’re already looking after your own children, consider registering as a childminder to watch other kids, too.

This is a hugely responsible role, but is ideal for parents who need to work around their young family.

Again, like any of these income-generating ideas: make sure you declare all payments (even cash ones) in your tax return and any Universal Credit assessments.

Use cashback websites

We don’t advocate shopping for the sake of ‘a good deal’ if you wouldn’t have bought something without that incredible discount!

However, websites like Quidco and Topcashback offer a great way to boost your income on things you’re planning to buy anyway. You earn a small percentage of each purchase back – which quickly adds up to hundreds of pounds each year.

Cashback is seen as a refund of your money and not income – so it’s not taxable for basic-rate taxpayers (so you don’t need to declare it as income, like you do for the above suggestions).

The post Help to Save: £1200 TAX-FREE Cash From the Government! appeared first on MoneyMagpie.

Want to make quick cash right now? Check out our ten top ways to make money fast, with the least amount of effort possible.

Perhaps you’re looking for easy ways to make money online from the comfort of your sofa, or perhaps you want to make sure your credit report is accurate and up to date so you can get the best deals.

Here are our 10 easy ways to make quick cash, and don’t forget to sign up to our newsletter for weekly quick-cash-making and money-saving ideas.

• Earn with Pawns.app
• Join inCompass
• Make Money with Toluna
• Claim Your Free Money-Making eBook
• Save on Your Energy Bills
• Get Paid for Your Opinion
• Get Paid to Use the Internet
• Have a Free Financial MOT
• Make £400 a Month Mystery Shopping

Earn an average $12 a day with Pawns.app

You might have heard of apps like Swagbucks and Toluna, well, Pawns.app is in the same vein of money making apps. However, it adds an extra competitive advantage: there’s a leaderboard where, each week, top users could win an extra $300, as well as other unique earning opportunities.

Pawns.app is available in 190 countries, including (of course) the UK, and in 2023, it paid out $3.8million to users with an average daily earning for each user of $12. You can pay out as soon as you’ve earned $5.

Pawns.app works on desktop for Windows and MacOS, as well as Android and iPhones. You can claim an additional $3 dollar bonus just for signing up via this page! 

Join inCompass and earn £20 for your first month

Make Money with Toluna

Toluna is a great site to join. You not only earn points which you can later redeem for fantastic prizes, but you also have the opportunity to get free goodies.

Click the appropriate device to complete the survey! iPhone, Android, Desktop

Claim Your FREE Money-Making Email & eBook

Sign up for FREE to our Make Money Newsletter and every Tuesday we’ll send you the inside tips YOU need to succeed.

Grab hold of our expert cash advice and run with it – it’s been created with the sole purpose of making you quick cash. What’s more, each issue also contains a lot of special bargains designed to save you cash.

You could also hop over to our eBooks section and grab a FREE copy of our ‘Make £1000 Before Christmas’ eBook.

Win £850!

Want to win a nice wad of cash?

If you’re still not sure what it’s all about, you can read our article all about it here, which tells you everything you need to know so you can start winning.

Save Money on Your Energy Bills

Now is a perfect time to fix your deal as energy prices continue to rise or fluctuate dramatically. And check out lots more ways to save on your energy bill.

If you want to find the very best deal before you fix, shop around!

Click here to use our comparison tool and find a better deal for you.

Be Paid for Your Opinion

This is a sporadic way to make quick cash and it brings in a relatively small income, but it’s low effort and you’ve nothing to lose. It’s a great way to make quick cash from the comfort of your computer but make sure you NEVER pay to join an online survey site or reveal your credit card details.

Earn money for testing apps, games and surveys – find out how here

Inside tip! Here are our favourite online survey sites. They’re completely free and have received a big thumbs-up from many of you. For maximum earnings set up a separate email account (so your personal one doesn’t get flooded with survey-related emails) and then register for free with all of them:

• Branded Surveys
• Swagbucks
• InboxPounds
• Toluna
• LifePoints

If you like the sound of making quick cash through filling out online surveys make sure you check out our full article right here on the safe way to earn money by taking paid surveys.

Earn for Using the Internet

Get a Free Financial Health Check

Sense check your finances with a free financial health check – a 30-60 minute call or meeting with a local, well-rated IFA.With more than 4,500 independent financial advisers and over 60,000 reviews, VouchedFor is home to the UK’s top advisers.Simply leave your details and VouchedFor will find the best adviser to conduct your free financial health check.Get your free financial health check here.

Make Up to £400 a Month Mystery Shopping

Fancy getting paid to eat out, shop and even go on holiday? Try mystery shopping!

Our editor Jasmine has been a mystery shopper for over five years now, earning decent money on the side while bagging brilliant freebies left, right and centre.

Now you can too! Read all about it here.

The post Easy ways to make quick cash appeared first on MoneyMagpie.

Loans are hard to get if your credit score isn’t perfect. Many of the best credit card deals that we mention are also not available to you if you don’t have the best credit record. But fear not! Even if you have a credit record that makes you want to weep, there are ways of cleaning it up over time.

• What affects your credit file?
• 10 easy ways to improve your credit record
• Should you pay to access your credit file?

What Affects Your Credit File?

• If you have been rejected for a credit application in recent weeks.
• Several applications for credit and loans at the same time make you look like you’re in a desperate financial situation.
• County Court Judgments (CCJs) against you.
• You’ve regularly been delayed with mortgage or loan payments.
• If you miss a payment on your phone or broadband bill, this is considered a big black mark.
• Your age affects your points score. Too young can be as bad as being too old.
• If you’re single it can be a problem – being married gives the impression that you’re stable and have a potential second income to rely on.
• Moving address every year or two. Financial companies like at least three years at the same address.
• If you are not on the electoral roll you can be rejected.

15 easy ways to improve your credit record

1. Make sure you are on the electoral roll

There are two electoral registers: public and private. You can opt out of the public register (and we usually suggest you do to avoid spam). You cannot opt out of the private register – this is what local councils use for elections etc. You can only be contacted from the private register for things of public interest, like a General Election.

Contact your local authority to request to be put on the electoral roll. If you’re already registered, it won’t hurt to have your information updated anyway! If you’ve recently moved house, make it a priority on your To Do list to update your details with your local council ASAP.

2. Pay bills on time

Every missed payment knocks off points on your credit file.

If you cannot pay on time, contact the supplier, credit card provider, or bank as soon as possible to discuss what options are available to you. You may be able to change your repayment schedule, or make a minimum repayment instead.

3. Check your credit record for CCJs

Check your credit record through the credit reference agencies like Experian. Make a note of any unusual activity that you don’t recognise and contact the credit agencies to investigate.

Most importantly, check for County Court Judgements (CCJs). These can be issued and missed if you’ve recently moved house, for example, and didn’t receive the summons. It’s really detrimental to your score, so resolve this as soon as you can.

4. Check any resolved bankruptcies

If you’ve paid off your debts or have been discharged from your bankruptcy, check your record with Experian, TransUnion (formerly Call Credit), and Equifax. Settled or discharged debts can take up to four months to show on your record – if they aren’t listed after that time, contact the credit agencies and the lender.

5. Look at closed accounts as well as open ones

Any line of credit – even a mobile phone bill – that you’ve paid off should show as closed and settled on your credit record. If it’s not showing as settled – or worse, as a default – contact the lender or organisation immediately to sort it.

6. Work on building your credit history

Companies such as Creditspring offer affordable ways to borrow and increase your credit score. Whilst rebuilding your credit score can seem complicated, Creditspring offer a set repayment plan (much like a subscription), with each repayment made on time increasing your score.

Other examples include companies like Loqbox, which give you a ‘loan’ that you can’t actually touch. You make monthly repayments towards this ‘loan’, and when you’re done you can access the money. Think about it like enforced saving – you get the money you put away each month at the end, but have the benefit of an improved score, too.

7. Let your rent improve your credit

Tenants can use Credit Ladder to prove they’re responsible to lenders. It’s a free service for tenants to use, too. You pay your monthly rent via Credit Ladder. They report each month to credit reference agencies that your rent – a large sum – has been repaid in full, on time. Over time, this rebuilds your score as a responsible borrower.

8. Use a credit improver

Similar to using your rent – an everyday expense – to rebuild your credit, you can use small savings to help, too. A credit improver service like Loqbox gives you a small loan.

You don’t get the cash, though! It’s locked into an account for you. Every month, you make agreed ‘repayments’ to this loan which are then reported as reliable repayments to the credit agencies. At the end of it, the money you paid is released into a new bank account for you. It’s a great two-fer: you get to rebuild your credit score AND finish up with savings! This digital savings voucher system has an interest-free ‘loan’, but you’ll need to pay fees of either £2.99 a month or £30 a year (which can be paid through the ‘loan’) instead of paying interest.

9. Stop at the first rejection

If you’re rejected for any type of credit or bank account, STOP! Research your credit record with each of the three credit reference agencies. Don’t just keep applying, assuming you made a mistake on the form. Multiple rejections in a short space of time can take YEARS to knock off your credit record – so avoid it at all costs!

10. Seek help for debt ASAP

If you’re already spiralling into debt, don’t apply for credit. Especially avoid things like payday loans – they’re expensive and look really bad to lenders looking at your credit record. Instead, take a deep breath and seek help.

Contact the National Debtline or Stepchange to talk through your finances and set up a repayment plan. You can also look up your local Community Money Advice centre for help, too. Jasmine is a patron of this financial education charity: they’ll help you manage your debts and finances and help you get back on track.

Should you pay to access your credit report?

 

 

Sign Up – Newsletter

The post 15 Easy Ways to Improve Your Credit Score appeared first on MoneyMagpie.

There’s no doubt that one of the greatest sources of financial distress for the newly self-employed is the sudden realisation that their first tax bill is much larger than expected. Payments on Account (POA) was devised to allow self-employed people to spread out their tax bill over a year. However, POA is also one of the most commonly misunderstood elements of the Self Assessment process, and many newly self-employed are unaware that it exists altogether.

As we enter a new financial tax year, perhaps now is the best time to get a headstart and really keep on top of your finances. So here’s everything you need to know about Payments on Account, and how you can ensure you are best prepared for your next tax return.

• What are Payments on Account?
• How does it work?
• Tips to keep on top of tax payments
• Keep digital reminders
• Set up direct debits
• Remember to save money for Payments on Account
• Got questions about freelancing?

What are Payments on Account?

Simply, they are a way of paying off some of your tax bill in advance. You’ll pay two separate installments throughout the year, calculated based on your previous year’s tax bill. The first installment is due on 31st January, and the second is due on 31st July, with each of these two payments worth 50% of your previous tax bill.

There are some circumstances in which a POA will not be due. If your last tax bill was less than £1,000, or if more than 80% of your earnings are subject to PAYE, then you will be exempt from the POA system entirely.

It’s likely that payments on account will apply to the majority of self-employed people. Failure to pay the full amount may result in penalty fines and interest, so it’s certainly worth getting your head around the ins and outs of the POA system and how it works.

How does it work and how do I calculate my POA?

The reason it causes so much confusion among newly self-employed is because the first instalment on 31 January is due on the same day as your ‘balancing payment’ (which clears your tax bill from the previous year). If it’s your first time making a POA, you’ll essentially need to pay 150% of your tax bill in one go.

For example, if your tax bill for 2018/19 was £3,000. Your total tax bill on 31st January 2020 would have been £4,500, including the balancing payment of £3,000 and an additional advance payment of £1,500 (50% of £3,000) at the same time. Then, on 31st July 2020, you would have to pay another £1,500.

However, this means that when you file your return for the following financial year, you’ll already have paid £3,000 towards it. If your bill for the 2019/20 tax year is more than £3,000, you will simply need to make a balancing payment on 31st January 2021 and your POA will increase accordingly.

For example, if your tax bill for 2019/20 is £5,000, on 31st January 2021 you will need to pay the balancing payment of £2,000, and the first installment of your Payment on Account, worth £2,500 (50% of £5,000). The total amount due on the 31st January would be £4,500, and an additional £2,500 due on 31st July 2021.

It’s worth noting that if you think that your income for the next tax year will be lower than in the previous tax year, you can apply to have your POA reduced. However, if it transpires that you have underpaid your POA, you will have to pay interest on the outstanding amount, which could turn out into a hefty tax bill.

4 tips to help you keep on top of your tax payments

Keep ahead of your payments on account with these top tips.

1. Use a digital platform

Technology has been simplifying processes for decades, and when it comes to staying on top of your finances, it can be the ultimate assistant. For small businesses, invoicing software streamlines financial operations and ensures timely and accurate billing.

Downloading a free bookkeeping app is one way of ensuring that you regularly update your accounts. It also helps you to prepare for the two payments on account you are need to make to HMRC each year. In fact, HMRC is seeking to digitise most of the taxpaying process, so it is encouraging taxpayers to file and make payments online via software.

2. Jog your memory with calendar reminders

With the financial calendar starting and ending on April 6th, remembering all the financial dates and deadlines can be difficult. Fortunately, when it comes to ensuring payments are punctual, calendar reminders can be a real asset. Here are a few ways to ensure that you fully utilise them:

• Make sure to set repeat annual reminders well in advance of both POA deadlines. This’ll reduce panic near the deadline!
• Add in additional notes alongside reminders. This can be anything you like, but it is worth routinely reviewing your finances to check if you are earning more or less than the previous year, as this will impact your POA.

3. Set up direct debits

Setting up a direct debit specifically for your tax payments is a useful way to ensure that you don’t miss the POA deadlines, and therefore avoid paying a £100 late payment fine. Once set up, be sure to check that the direct debit account contains enough capital to cover the bi-annual payments.

If for any reason your POA is increased, or you have to reduce it, then be sure to update the value of your direct debit payment accordingly.

4. Put aside money for POA

If you are newly self-employed, the costs of running and managing your own activities can be a surprisingly time-consuming and costly practice, so making sure that you are budgeting effectively for your POA expenditure is important.

Putting money aside is something most of us are familiar with. So, whether you’re saving for a car, house or pension, applying the same philosophy to POA is a good way to ensure that money is left available when the time comes. Save a portion of earnings per week or month specifically for your tax payments, and you’ll be surprised how quickly funds build up.

Dan Stopp is the UK Accounting Manager at Bokio, an AI-based accounting tool helping freelancers, sole traders and small businesses save time and money.

Got Questions About Freelancing?

If you’re new to freelancing, considering going freelance, or have questions about your established business, hop on over to our forum! There’s a special board just for self-employed people and small business owners. Get stuck in!

Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.

The post Payments on Account: A freelancer’s guide to keeping on top of your finances appeared first on MoneyMagpie.

We’ve come up with lots of ways to make money on the side in easy and unexpected ways, even if you’re not very mobile. (Keep an eye out for a new series coming soon that will cover other types of invisible disabilities and mental health conditions.)

Here’s a list of just some of the many ways people with physical disabilities can make extra money, without loads of hassle.

Many of them are not only handy for bringing in the cash, they’re also fun to do!

• • How to make money if you’re not mobile
  • Make money if you’re semi-mobile
  • How to make money if you’re mobile with other disabilities
  • Top 5 tips for disabled people looking to find work 

How to make money if you’re not mobile

If you you’re not mobile or have a fluctuating condition that impacts your daily mobility, you might be tempted to think there are no money-making opportunities for you. But you’d be wrong!

There are loads of ways you can make some money from home – from online surveys to setting up a blog.

Here are some great money makers especially for you:

Make money with online surveys

Online surveys are great ways to make some extra cash, with very little effort required. Simply sign up to a safe, secure online survey site and you’ll be paid cash for filling out their surveys.

They don’t require a special commitment – you can fill them in during the ads of your favourite TV shows or whenever you have a spare half an hour.

Online surveys can make you up to an additional £50 a month.

At MoneyMagpie we like Nielsen Computer Panel UK. It’s great: all you have to do is download their app onto your computer and mobile devices and you’re automatically entered into prize draws.

Nielsen researches internet users’ behaviour and randomly selects users for monthly prize draws, as well as larger yearly draws. As long as you’re comfortable with the setup, Nielsen doesn’t require any active participation on your part. All you need to do is register, answer a few questions about your internet use and then you get rewarded for using them!

Check out the following of top survey sites:

• Swagbucks
• Nielsen Online Panel
  
• InboxPounds
• Toluna
• LifePoints

See our article on MoneyMagpie-approved survey sites and start making money today.

Some sites let you swap your earned points for cash or great vouchers such as Amazon gift cards.

Just remember, never pay to sign up to an online survey site.

Make money writing to magazines

Magazines are often looking for true life stories from ordinary people – you can make a lot of money from telling yours.

Very few people actually write in to magazines with their true life stories, so there’s plenty of opportunity to contact features teams and sell yours.

You can make up to around £2,000 depending on how sensational or interesting the story is – in fact one MoneyMagpie reader earned £2,200 for her life story.

Stories can vary and you can talk about anything – magazines look for stories of tragedy, hope, inspiration or humour.

How to sell your story to magazines

The process is simple. Phone up or email a journalist (or contact the features team via email) and briefly outline the story you’re interested in selling. You can get your money in as little as two weeks!

Take a Break magazine offers up to £2,000 for true stories, and other magazines and newspapers offer between £200 and £2,000 depending on how good the story is.

You can make even more by including a relevant photo, which helps make your story more interesting!

If you have a life story you’d like to sell, target the magazines you know your story will be relevant to.

For example, a story of dramatic weight loss would be ideal for a magazine like Woman’s Weekly, but may not be great for Total Film!

Keep an eye out for magazine competitions too. You could win big prizes for doing very little.

Some magazines even reward cash for tips, recipes and star letters too. Check your favourites and see what they offer.

Have a sharp eye for detail? Make money reading…

If you can spot grammatical errors from a mile off then proofreading is the perfect career for you.

To be a proofreader you must have an excellent standard of English and strong attention to detail, so you can spot all the errors in documents and manuscripts.

There are no set entry requirements for becoming a proofreader, but relevant experience is a bonus (and if you’ve got a degree in English, that won’t hurt either!). Proofreaders spot mistakes in texts and make changes.

Proof reading pays surprisingly well, with the Chartered Institute of Editing and Proofreading (CIEP) reporting that the minimum hourly rate for experienced and qualified proofreaders is £29.85.

For those with less experience, don’t fret. A talented newbie proofreader can still earn up to £15-20 per hour. Not bad for a flexible job.

Another great thing about freelance proofreading is that you usually work flexible hours. You can plan your working day around deadlines and how long the manuscripts will take.

Once you’ve finished your work, you’re done for the day. So, if you’re a fast and diligent worker, you could be earning a decent wage that fits around your social life.

Make a name for yourself online and make extra cash – or freebies!

Do you have something you want to share with the world?

Have you got opinions people need to hear?

Consider setting up a blog.

Blogs can be about absolutely anything. They can be personal, like a kind of diary blog, or you could simply write about a subject you find interesting.

If you have something unique to say, write it. It’s very therapeutic and you can make good money on the side from blogging if it becomes successful.

Here are some useful tips on how to make your blog more popular:

Firstly, write about something you’re passionate about. It’s important you find it fun to do or you won’t be motivated, and people will find it less interesting to read. You have to ooze enthusiasm.

Publish your blog on a popular site like WordPress. The free version comes with lots of tutorials to help you learn more about running your website.

Remember to focus on promoting your blog in various ways. Word of mouth, telling your friends and family, and using social media (Facebook, Twitter, and Instagram) are great ways to get your content noticed!

Finally, you could use your blog to sell things or advertise your own services.

See our article on how to make money blogging.

(Keep an eye out for a new article April 2025: Making money writing with subscriptions – how to use Substack and Patreon to make money!)

Make £15-£25 an hour as a Virtual Assistant

Virtual assistant positions are a great opportunity to make money if you’re skilled on the computer but not very mobile.

To be a virtual assistant you must be computer literate and confident with major software packages. You can adapt your workstation with things like speech-to-text software if you have limited mobility in your hands, too.

There’s high demand for virtual assistants from small businesses who can’t afford full-time admin support. Some larger companies also employ virtual assistants to work from home: much secretarial work can be completely remote.

As a virtual assistant you’ll answer calls in a professional manner, reply to emails, and manage diary bookings. You’ll have to be proactive and work to meet deadlines, and you may be tested to see if you’re performing to a high standard.

While some businesses use chatbots to handle basic administrative queries, they often struggle with emotional intelligence, complex problem solving, and personalised communication. These are areas where human virtual assistants truly excel. This makes VAs especially valuable for companies needing flexibility and empathy in client interactions. That’s why many still choose people over automation when chatbots fail to meet real-world business demands.

You can find work as a virtual assistant by signing up to a decent free agency, and can earn up to £27 per hour.  Try Virtual Office Temps or the Society of Virtual Assistants has more information and lots of tips on how to get started.

How exciting would it be to work with clients across the globe and liaise with people from different countries?

Read more about becoming a virtual assistant here.

Make money calling companies

If you’re not mobile, there are loads of phone-based mystery shopper jobs. You call a given company and ask a list of questions. All you have to do is report their response.

Mystery shoppers are also needed in the online world. Your role will be to contact and send specific enquiries to websites. You’ll monitor the speed and contact of the response. Again, you’ll probably provide your feedback through a straightforward and simple questionnaire.

You’ll then be paid when you’ve reported your findings. Once you’ve done your bit, you will sometimes be paid within 24 hours of your assignment.

Pay rates differ for different agencies and companies. You can expect to earn £5-£25 per task plus expenses. However, for phone calling mystery shopper jobs the pay is much lower – £1-£5 for phone work.

This obviously won’t pay the bills, but it’s a fun way to earn a bit of extra cash. If you’re interested in taking part in mystery shopping, see our article for the best and safest mystery shopper agencies.

Never pay to join a mystery shopping agency. You are being paid for your service.

Make money chatting to people

If you have a friendly, customer-focused attitude and excellent, professional telephone manner, working as a phone agent could be the ideal job for you.

There’s loads of home based call centre work for individuals who aren’t mobile. All you need is a computer, the internet and a phone, and your job is to simply answer customer service calls and deliver excellent service.

Customer service is increasingly branching out. Clients are contacting companies and making their queries via email, social media and online chats, so there’s more technical support work for those who aren’t very mobile.

Additionally, social media is all around us and dominating the internet. Many companies recruit individuals to be responsible for the social media of their company. It’s now crucial for promoting products or companies.

Keep an eye out for virtual social media roles on job sites as you can gain some excellent transferable skills.

Find out how you can make money from answering the phone here.

How to make money if you’re semi mobile

If you’re okay getting around, but can only put so much strain on yourself, try one of these ways to make extra cash…

Make money tasting food and watching adverts

Focus groups are a particularly fun and interesting way to make money on the side.

Register with companies such as Take Part in Research and you can earn up to £250 for sharing your opinion.

Focus groups vary from filling out paid surveys for a couple of weeks to going in and reviewing and assessing various products and even TV ads before their release!

It’s an exciting opportunity to make some good cash and meet people from all walks of life. It’s great for individuals who love testing products and talking to people. You’ll also get to share your thoughts on innovative products and services.

Sometimes, you’ll hit the jackpot and test foods. To find out more about how you can become a grub tester, read our article on getting paid to test food…yes, even chocolate.

If you aren’t able to get to a focus group then you can take part in online focus groups or even do an interview over the phone.

Make money with a punchy pun

Feeling creative?

Write messages for greeting cards for a bit of extra cash!

Although this is a very competitive market, a lot of money can be made from writing witty lines, and it’s an exciting industry to work in. A punchy pun could earn you up to £150!

The most popular cards are funny, likeable and witty puns. Who doesn’t like a clever joke that puts a smile on our faces?

However, other greeting card types include sentimental messages and traditional cards that use rhyming poetry.

The first step to getting your message published is research galore. Decide which type of message you’d like to write in greeting cards, and find out who publishes these types of messages.

It’s worth visiting a high street card shop such as Clintons. Spend time viewing the cards and note the relevant publishers that you want to contact. You can find the publisher on the back of each card.

Keep an eye out for niche shops that sell greeting cards, e.g. book stores, garden centres, craft shops and gift shops.

Also, visit greeting card trade fairs where you can gain publisher contacts and do some networking. You could even pitch to them and show them your example greeting card messages.

Golden Rules:

• NEVER submit your work without reading the submission guidelines. Find them on the publisher’s website.
• If you submit work and haven’t followed these guidelines, your work won’t get read.
• If you can’t find their guidelines, write to the publisher to request them.
• When you receive a response regarding your greeting card message, keep track of your contacts.

It may take a while to get going, but many people make good careers from greeting card writing, and it’s a very creative, interesting industry to work in. Check out the Greeting Card Association site for freelance work.

If you’re interested in making money on the side from fun greeting card writing see our more detailed article.

Make money selling your old stuff

Have you got piles of used books, DVDs, games, CDs, and clothes cluttering up your room?

Sell them and make extra cash!

As they say: tidy house, tidy mind and you’ll be a good bit richer.

Sell on sites like Ziffit, Amazon and eBay. On Ziffit you can simply type in the barcode and find out how much cash you can get.

Visit our Clear Your Clutter section to find out more about getting paid for your old stuff. 

Make money if you’re mobile but have other disabilities

If mobility isn’t a problem but you have other health issues which may hinder your ability to find employment, here are some great money makers to try.

Earn £60 an hour dog walking

If you’re mobile and enjoy being out and about in the fresh air, dog walking could be for you.

Dog walking is an enjoyable, lively job that pays surprisingly well. You can make up to £50 an hour if you’re brave enough to walk four dogs at the same time. Some people can take even more, so it can be a lucrative business idea.

If you want a slightly easier dog walking experience, you can earn up to £10-12.50 an hour walking one furry friend at a time. This is the perfect job for animal lovers.

You can go about dog walking by joining an agency such as Tailster for immediate work. Tailster is free to join and advertises you to hundreds of people in need of a dog walker.

Of course, the advantage of working with an agency is that they do the hard work of getting the jobs in. The disadvantage is that they take a cut of the money.

As an alternative, register with Petpals as a dog walking company and apply for jobs on there. You can also simply put an ad out in your local area – on noticeboards, through people’s doors, on local websites – advertising your services. Quite often you can also find new clients while you’re out walking the dogs. Make sure you take a stack of business cards while you’re out.

For more details on how you can get work as a dog walker see our article.

Top 5 tips for disabled people looking to find work

• Look for the Disability Confident symbol, which can be found on job descriptions online. It indicates that the employer is committed to employing disabled people.
• If you’re a young disabled person looking for work after school look at the apprenticeship scheme run by the Government.
• Go to your local job centre and find your disability employment advisor. They will assist you in your job search and tell you about relevant courses you can do to improve your experience and skills. They can also teach you interview skills.
• The Work and Health Programme is another fantastic government-funded scheme that helps disabled people find employment and stay in work through free courses.
• Access to Work offers grants for current workers and those about to enter employment. They can pay for specialised equipment and even offer help travelling to and from work. Both employees and self-employed people with disabilities can apply to the scheme.

Sign Up – Newsletter

The post Make money if you have a physical disability appeared first on MoneyMagpie.

Blow to Economic Forecast

The Office for Budget Responsibility (OBR) forecast was a big part of the Autumn Budget, where Reeves stated a mission for economic growth. It has now been revised to just 1% – half of the previous budget. Reeves says plans such as the new Heathrow runway, pensions investments, changes to planning processes, and the National Wealth Fund will help tackle this. She also pointed out that the OBR have upgraded forecasts from next year and beyond, however.

Universal Credit and Other Benefits

The announcements last week are here to stay, according to the Spring Statement. Huge cuts to social security payments is the biggest (and most unpopular) change to the budget, in an attempt to claw back just under £5bn in costs. However, the OBR has confirmed that the actual savings would be closer to £3.4bn once costs of additional spending elsewhere is taken into account.

Along with the proposed cuts to in-work benefit PIP (Personal Independent Payment), which is currently under a green paper consultation review, today we heard about additional cuts to Universal Credit for some. The standard allowance will increase from £92 a week in 25/26 to £106 a week by 2029/30 tax year. However, the health element – additional money for those too sick to work or who cannot work full time due to illness – is going to be cut by 50% and frozen for new claimants.

There was no further detail about the already-announced changes, such as migrating PIP to Universal Credit and changing Work Capability Assessments. This is because they are currently in a green paper consultation and there are no further updates following last week’s announcements.

Reduced Govt Running Costs

Reeves promised to ‘fundamentally reform the British State’. She wants to introduce ‘efficiency savings’ to reduce the running costs of Whitehall by £2bn (15%) by 2030, with some job cuts and introduction of technology. This includes a £3.25bn ‘transformation fund’ of AI software, civil service voluntary redundancies, increased support for children in foster care for support in education and ongoing work, and new computer systems for the Govt such as for the Ministry of Defence and HMRC.

Massive Defence Spending Increase

With the world changing fast around us, the Chancellor committed a further £2.2bn spending on defence this year. This includes defence manufacturing and industry, as well as training for jobs – and also improvements to housing for military families.

Taxes

Despite a record tax burden, the Chancellor confirmed no tax increases (for now). However, changes announced in the autumn, such as the increase in National Insurance for employers (and cut for workers), stamp duty rises, and frozen Income Tax thresholds, will go ahead as planned, predicted to balance around £40bn of the tax burden.

Reeves did promise a ‘crackdown’ on tax evaders, with an investment in ‘cutting edge technology’ to help recoup an extra £1bn a year in unpaid taxes.

What About Fuel, Alcohol Etc?

Because this was not technically a budget but a financial ‘realignment’ because ‘the world is changing’ since Labour came to power, there was not a full breakdown on changes that usually are announced that impact the cost of our spending, such as fuel and alcohol duty. However, forecasts suggest households will be an average of £500 better off a year in future… but that remains to be seen, as they are only forecasts.

The post Spring Statement 2025: The Key Points appeared first on MoneyMagpie.

Best Platforms to Sell Cassette Tapes

1. eBay

Best For: Rare, collectible, and vintage tapes

eBay remains one of the top platforms for selling second-hand tapes due to its global reach. Listings can be auction-style or “Buy It Now,” giving sellers flexibility in pricing.

Case Study: A seller listed a rare Metallica cassette from the ’80s and started bidding at £10. Due to its limited edition status, the price soared to £300 in a week!

Tips:

• Take high-quality photos from multiple angles.
• Mention the condition (sealed, used, etc.).
• Offer international shipping to attract collectors worldwide.

More selling tips on MoneyMagpie

2. Discogs

Best For: Music enthusiasts and collectors

Discogs is a music marketplace where collectors and audiophiles search for specific releases. Unlike eBay, it is tailored specifically for music sales, making it an ideal platform for selling tapes.

Example: A seller listed a rare Nirvana “Bleach” cassette and sold it for £150 within days due to Discogs’ active music collector community.

Tips:

• Provide detailed metadata (year, edition, label).
• Grade your cassette and case condition accurately.
• Engage with buyers through messages for better conversions.

3. Facebook Marketplace & Groups

selling old casettes

Best For: Local sales and bulk deals

Selling on Facebook Marketplace is a great way to offload common or bulk cassette collections quickly without shipping hassles.

Case Study: A collector in Manchester sold a box of 100 second-hand tapes for £250 by targeting local vinyl and cassette collector groups.

Tips:

• Join niche groups like “Cassette Tape Collectors” or “80s & 90s Music Fans.”
• Use high-quality images and be transparent about tape conditions.
• Offer bundle deals for faster sales.

4. Etsy

Best For: Vintage and artistic collections

Etsy is a hotspot for vintage and handmade items, making it ideal for selling cassette tapes with unique appeal.

Example: A seller packaged 80s rock mixtapes in retro-designed cases and successfully sold them as gifts, making £1,000 in a month.

Tips:

• Add creative descriptions and artistic images.
• Offer custom-made cassette bundles for niche buyers.

5. Reddit’s r/cassetteculture & Other Forums

Best For: Engaging with serious collectors

Reddit has a thriving cassette collector community. Posting tapes for sale on r/cassetteculture can yield fast sales without marketplace fees.

Example: A user posted a rare punk rock tape and received multiple offers within hours, selling it for £75 directly via PayPal.

Tips:

• Follow forum rules before posting.
• Be active in discussions to build credibility.

6. Local Record Shops & Car Boot Sales

Best For: Quick cash sales

Many independent record shops buy used tapes, especially in urban areas where vintage music culture is strong.

Case Study: A seller in London visited a local vinyl shop and sold 30 used tapes for £5 each, making a quick £150.

Tips:

• Call shops ahead to check if they buy cassettes.
• Bring rare or niche genres for better offers.

7. Gumtree & Preloved

Best For: No-fee, local sales

Gumtree and Preloved allow you to sell directly to local buyers without fees or commissions.

Example: A user in Birmingham sold a collection of 50 classic rock tapes for £200 within a week by meeting buyers in person.

Tips:

• Be clear about pickup locations.
• Accept cash only to avoid scams.

Explore more selling options on MoneyMagpie

How to Maximise Profits When Selling Cassette Tapes

1. Identify Valuable Tapes

Not all tapes are equal. Limited editions, first pressings, and sealed tapes can fetch high prices. Research on platforms like Discogs to check market value.

2. Bundle Sales

Selling tapes in themed bundles (e.g., “80s Rock Collection”) attracts more buyers and increases profits.

3. Clean and Test Tapes

Clean your tapes and test playback quality before listing. A working tape commands a higher price.

4. Optimise Your Listings

Use targeted keywords like “sell cassette,” “selling tapes,” and “second-hand tapes” in your descriptions to attract more buyers via search engines.

5. Engage with Buyers

Prompt responses and good customer service can lead to repeat sales and positive reviews.

Conclusion

Selling cassette tapes can be a lucrative venture if you use the right platforms and strategies. Whether you choose eBay for rare finds, Discogs for music collectors, or local shops for quick cash, there’s a market for your tapes. Follow the best practices outlined above, and you’ll turn your old cassettes into profit in no time!

Looking to sell your cassette tapes? Start listing today on these platforms and tap into the growing retro music market!

Find more money-making ideas on MoneyMagpie

The post Where to Sell Cassette Tapes: Best Platforms and Strategies for Maximum Profit appeared first on MoneyMagpie.

Did you know there’s support for the newly self-employed? Even at this difficult time, there are still many resources of financial and business support you can access.

You might be stuck in a dead-end office job and desperate to get away from the nine-to-five. Or, you might be in an industry where people are losing their jobs at a rapid pace and want to set up a business to have something to do on the side and expand if you lose your main job. Some people want to be self-employed because they prefer the flexibility of the hours and control of the work, too. However, setting up can require funding – especially as most businesses don’t turn a profit in their first few months (or even years). The good news is that there is help out there.

So, what help is available for the newly self-employed?

Trading Allowance

• Universal Credit
• Help to Save
• Access to Work
• Personal Independence Payment
• Business mentorship
• Prince of Wales Trust
• Startup funding
• Peer-to-peer lending and ‘angel investors’
• Crowdfunding
• Local authority funding
• Social enterprise funding
• Training grants
• Apprenticeship funding

There’s a lot to get through, so let’s get started!

Trading Allowance

This is a brilliant tax incentive for new businesses, ideal for those starting up a side hustle to test out their business or keep a small side income on top of their main job.

Currently, the Trading Allowance means you can earn £1000 gross before you need to register with HMRC and declare your income. But on 11th March 2025, it was revealed that this allowance is set to increase to £3000 in the 2027/8 tax year.

If you need to spend money to start up your business, like buying materials or products for resale, it is often better to register with HMRC anyway. That’s because you can’t offset expenses from the Trading Allowance – it’s your gross earnings, not less expenses. So if you think your costs will be significant, registering as a sole trader means you can offset some of your business expenses against profit to reduce your tax bill.

Universal Credit and Self Employment

Universal Credit is a flexible benefit. You don’t have to be out of work to access it. When you’re self-employed, you’ll submit a monthly assessment of your income and expenses.

When your net profit is below a certain amount (depending on your circumstances), you’ll receive some or all your Universal Credit payment. The months you earn more, you’ll receive less or no Universal Credit.

This means you can continue to be a UC recipient until your business returns a solid income every month. Unlike Job Seeker’s Allowance, which stops as soon as you find work, UC is an ongoing safety net.

You will need to prove that you are ‘gainfully self employed’. This means that:

1. Your job is your only or main income
2. You have regular work
3. You can show business activity, such as client invoices

There is something called the Minimum Income Floor. This varies from person to person, and is based upon what someone on PAYE in a similar role to yours would earn at National Minimum Wage. If you earn over this amount, your Universal Credit is worked out based on what you’ve earned over this floor (so deductions are made from your earnings to the level of the MIF). If you don’t meet the MIF, your Universal Credit deductions are based on what the MIF would be. The MIF only applies if you are not in a start-up period (see below) or you are gainfully self employed. If you are not gainfully self employed (for example, you have a main PAYE job and a small self-employed job on the side), the MIF won’t apply.

If you’re just starting out, you have one year during the launch of your business to get Universal Credit support without a MIF applied. You don’t have to look for other work, though you will meet with your work coach regularly. Your Universal Credit is based on your monthly income – and losses (such as a month where your expenses outweigh your income) are rolled to the following month. You will report your monthly income and expenses, so bear in mind that your income could reduce how much UC you’ll get that month.

Universal Credit eligibility

There are some limits to accessing UC.

You must:

1. Have less than £16,000 in capital or assets
2. Not own a second property
3. Apply jointly with your partner if you live together.

This means if your partner earns above a certain amount, you won’t be eligible for Universal Credit. You don’t have to be married – if you live with your partner, their income is taken into account.

Universal Credit, Self Employment, and Disability

Self employed people who claim Universal Credit but have a mental or physical disability which affects their ability to work full-time will be able to apply for a Work Capability Assessment. You will be assessed to decide if your health impacts your self employment opportunities, and could be placed in one of two groups for extra financial support if it is deemed your health puts you at a disadvantage to finding work. You will either be in the Limited Capability to Work group or the Limited Capability for Work and Work-Related Activity group – the former has some additional financial support, the latter has more (how much depends on your circumstances).

If you are found to be in these groups, other exceptions may apply – such as removing the requirement to meet the Minimum Income Floor after a start-up period.

Help to Save

If you do qualify for Universal Credit, you can plan to open a Help to Save account, too. The great news is that the rules are changing in April 2025 – previously, you had to earn a minimum of £793.17 in one month to qualify to open one. However, from April, you only need to earn £1 in one month as earnings to be eligible.

Help to Save is a useful savings account with a hefty government bonus. Save between £1 and £50 each month, and the government pays you a bonus worth 50% of the highest balance you’ve saved.

The account lasts for four years, and the bonus is paid to you in year 2 and year 4. The maximum bonus you can receive is £1,200 (£600 in both year 2 and year 4). After the fourth year, it automatically closes and you can’t open another one.

This extra money – and savings habit – is a great way to make sure you’re setting aside some money for your tax bills. Things like Payments on Account can take newly self-employed people by surprise, so an emergency buffer like this helps.

Read our in-depth Help to Save article to find out more.

Access to Work

A little-known resource, Access to Work helps people with mental or physical disabilities get the right equipment or help to do their job well.

Employers can access the scheme to receive a portion of costs for special equipment. Self-employed people, however, can use the scheme to have most or all of the cost covered.

The grant covers things like desk equipment or speech-to-text software. It can also cover things like assisted travel to and from a workplace, or support worker services. You can also get help with work support such as ADHD counselling and work coaches, to help improve your productivity and find ways to cope in work environments.

Access to Work is not taxed and doesn’t have to be paid back. If you are receiving a one-off grant, such as to pay for a standing desk, you may be required to pay this and claim it back from Access to Work.

How to apply

To be eligible, you must have a disability (a chronic physical or mental condition that affects your day-to-day tasks and will last a minimum of nine months). You don’t have to receive disability benefits to qualify. You’ll also need to be in paid work (including self-employment) or due to start paid work imminently.

First, apply online for an Access to Work grant. There’s a slightly different scheme to apply for if you live in Northern Ireland.

You’ll be asked about your health condition, how it affects your ability to work, and what equipment you need to help.

Next, someone will come to assess your needs either at your office or home (if you’re working from home). If, for example, you need a special desk chair, they’ll measure you for this at the same time. You may not require an assessment to receive your grant – or your grant could be delayed until assessments are available again.

If your grant is accepted, you’ll receive the report along with information about the equipment and supplier. You can then order that equipment from the supplier – and either pay direct and be reimbursed, or have Access to Work pay the supplier direct.

If you work from home, you may have to pay a portion of the cost if the equipment could be used for personal use, such as if you have received a grant for a computer or adapted equipment that is useful both for your job and day-to-day activities.

Personal Independence Payment (PIP)

Personal Independence Payment is not means tested, which means you can apply whether you’re in work or not and regardless of how much you (or your partner) earn. It is designed to help people cope with the extra costs that come with having a disability. This might be hiring support workers, getting taxis if you can’t drive or walk with ease, or even things like getting a cleaner once a week so you can focus your energy on work-related activity instead.

You can spend your PIP on whatever you need to, in order to make your life a bit easier living and working with a disability.

There are two parts to PIP, and a lower and higher rate for each. You might qualify for one or both, at whichever rate an assessor deems suitable. The Daily Living component is £72.65 for the lower rate or £108.55 for the higher rate each week in the 2024/5 tax year. The Mobility component is £28.70 lower rate or £75.75 for the higher. Qualifying for one component does not necessarily qualify you for the other.

Find out more and how to apply here.

Business Mentorship

Not strictly a funding opportunity or a benefit, but business mentorship programmes are a great place to start when you set up your business.

Your local Job Centre and your Citizens Advice Bureau will have plenty of advice about accessing local business mentorship schemes.

Getting a local business mentor means you’ll have access to important networking opportunities. They’ll also know where you may be able to access grants and funding on a local level, too.

Some local authorities run a business mentorship programme with lots of free workshops to educate new business owners on everything from marketing to managing taxes. You may also be able to access free (or very cheap) co-working office space, equipment, or storage units for inventory.

Prince of Wales Trust

The Prince of Wales Trust offers business mentorship and funding support to entrepreneurs aged 18 to 30, inclusive – so if you’re already 30 you can apply.

The Trust has an excellent reputation for helping young people launch their careers. Its team offers mentorship and support, from business planning through to funding applications and beyond. You can also access the Development Awards for some training grants, too.

Take a look around the website to see if they can help.

Startup Funding

If you can start your business without borrowing, that’s a great position to be in. However, most new business owners will need to borrow some capital to get their business off the ground.

Startup loans offer a low-cost way to fund your new business plans. You don’t need the same established business requirements of a typical business loan, either. For example, you don’t have to have several years’ accounts to be approved for a loan.

Shop around for your startup loan. Like any other loan, some deals are better than others. Borrow only what you need – not the maximum amount available. This helps keeps costs down in the long-term without impacting your short-term cash flow.

Try the Startup Loans Company or Funding Circle as a first stop.

Peer-to-peer Lending and ‘Angel Investors’

A so-called ‘angel investor’ is like a dragon from the Dragons’ Den. They’ll fund part of your business venture in return for a percentage of the profits. You’ll often receive business mentorship as part of the deal, too.

There are lots of angel investor platforms available. Try to meet with (or, these days, video-call) potential investors before signing anything. Always read the small print and make sure you speak to several possible investors before choosing your partner.

Peer-to-peer (P2P) lending is a bit more anonymous. You don’t get the business mentorship but you can access a larger fund.

Investors pay into a P2P fund in return for a percentage on their money. The P2P platform takes a percentage, too. Think of it like a loan – but without the need to satisfy high lending requirements of a high street bank.

If you’ve got good credit history, you may want to consider online lending platforms such as personal loans by plenti

Crowdfunding

We’ve all seen the success of Kickstarter and Crowdfunder. But how do they work?

You create an online pitch for anyone to see. This includes details about the products you want to develop, what it does, and what the crowdfunded money pays for. You can entice investors by giving them something in return for their cash. For example, they can buy the product early and at a reduced price, or you can offer them a listing on a sponsors page – anything you think will entice investors.

You have to set a target. Check the details of each fundraising platform and type – some will stipulate that if you don’t hit the target you won’t get any of the pledged cash, while others will let you receive whatever is raised.

If you do reach your funding target, on the other hand, you will get your money. You’ll need to keep accurate accounts to show that you have done with the money what you said you would, and make sure you honour any pledges (such as receiving a product in return for being an early supporter of your new product).

Local Authority Funding

Check your local council’s business pages to see what assistance it offers. You might be surprised!

Many local authorities offer funding or mentorship programmes for new business owners. These schemes are often more prevalent in deprived areas, to encourage new companies to set up in that region.

The funding available could be anything from a one-off grant to ongoing business support in the form of a rent-free office or shop space. Many grants need to be matched – so if you need £1,000, you’ll need to put £500 up yourself and ask for a further £500 in the grant.

You can also check out Turn2Us Grant Finder which takes you through a questionnaire to help you locate grants for your personal circumstances (rather than to support your business), which can help alleviate some of the financial stress of going self-employed.

Social Enterprise Funding

If you want your new business to be a social enterprise, this opens you up to many more funding opportunities.

A social enterprise puts surplus profits back into the business to aid the community. You can still earn a profit and wage, but your overall work needs to have a social or environmental mission that benefits your local community and surrounding areas.

Running a business like this is similar to any other business model. However, instead of sharing profits in the form of dividends to shareholders, you put that money back into your business efforts to maximise your impact on the community.

Social enterprises qualify for all sorts of grants, including those offered by the National Lottery Community Fund.

Loans are available as a funding option, often with a percentage grant. This means you won’t have to pay back everything that’s borrowed, only the loan element. For example, the First Steps Enterprise Fund offers loans up to £30,000 – with 90% of that as a loan and 10% a grant.

Training Grants

If you need to achieve a qualification before you can open your business, you may receive training funding to help.

For example, people on Universal Credit may apply to have some or all fees paid for, if they enrol on a short professional development course. The course needs to be an essential item – for example, your Gas Safe certification if you want to start a boiler engineer business. It could also include things like health and safety training for mobile beauty therapists, licence courses for security staff, or a PTTLS adult teaching qualification for tutors and workshop leaders.

The National Careers Service has some funding opportunities for courses, too.

If you’re on a low income, it’s also worth looking at your local adult education centres and courses. They’ll often offer free or discounted places to people on benefits or who can prove a low income.

Look at charities centred around your industry of choice, too. Screenskills, for example, offers bursaries and training opportunities for all kinds of people wanting to work behind the scenes in television and film.

Apprenticeship Funding

Do you want to set up a business with staff? If you’re not planning to go it solo as a freelancer or contractor, staffing costs will make up a huge overhead as you set up your company.

Apprenticeships offer a way to staff your company while training the new generation. New businesses have to fund 5% of apprenticeship costs, with the rest covered by a Government scheme.

You’ll need to follow the rules about working hours, and time off for study and exams, and assist with mentoring your apprentice.

Your apprentices could become full-time staff once they pass their course a few years down the line, too!

The post Benefits and funding for the newly self-employed appeared first on MoneyMagpie.

I received an Ultra 5 Motor Rise and Recliner chair from Fenetic Wellbeing in exchange for an honest review. Here’s why I think investing in one could save you money in the long term.

While a product was received in return for a review, MoneyMagpie prides itself on only recommending products we truly believe in and providing honest reviews. The receipt of the item does not influence the review.

A Chair for Health

Best Features

Areas for Improvement

How Could a Fenetic Wellbeing Chair Save Money?

A Chair for Health

Firstly, this is a stylish armchair with various different finishes available, from fabric to vegan leather to leather. It will look at home in any living room: it doesn’t look like a ‘medical assistance’ chair. It’s also not too big – the design is structured, unlike many recliner chairs that have wide slouchy arms. This would fit in most rooms comfortably (it does need room behind it to recline!).

However, there’s a reason I was the one on the team to try this chair out. I’m very tall (over 6’2″) and very heavy, with limited mobility due to health conditions that include arthritis, fibromyalgia and more. Some days I can move just fine – and other days, my feet swell painfully large, my legs are heavy, and moving around is painful and difficult. I can’t afford a massage every week and I don’t need someone always around to help me in and out of a chair – though some days it would be useful!

A rise and recliner chair is one that helps you in several ways. They tilt forward and up, to make standing from the chair much easier, and recline to help you raise your legs and find a comfortable position for your back. This is a luxury version – here’s why.

Best Features

The Ultra 5 Motor Rise and Recliner from Fenetic Wellbeing has loads of brilliant features that helped me to properly relax in the evening. First, it comes in three sizes. That means I was able to get the XL – which is suitable for people over six foot tall. It is very difficult to find chairs that fit tall proportions, often being too short in the seat or the back to be comfortable for long periods. Being able to choose from three sizes means you can find the right size for you. It also has a weight limit up to 28 stone – which is far more than most rise and recliner chairs available on the high street.

The chair has a recline and tilt function, like any chair of this type. However, it also has a tilt function and several moving parts. This means you can raise your legs above your hips (great if you get swollen feet like me), and choose whether you want to lie back or remain sitting upright. As well as an adjustable back, the headrest can be tilted forward too – so even if you prefer a leaned-back posture, you can have your head raised to still watch the TV or chat with other people comfortably. I really love this feature, because I like to be fairly upright despite needing to raise my legs, and the headrest tilt makes it super easy to find the perfect comfy angle.

The armrests are structured. This sounds like a silly thing to mention maybe, but I have had recliners in the past which were ‘floppy’ wide armrests that felt too low and not supportive. The arms on this chair are solid and not too wide, and a good height to rest your elbows on. When the chair rises to the stand position, they felt supportive and not at all flimsy.

Here are some of the other features I love:

Choice of Fabric

I have the vegan leather option which suits me perfectly. I like fabric furniture but have two very fluffy pets and not enough energy to constantly hoover the armchair. The vegan leather is smooth and durable, and feels like wonderful quality and (I discovered quickly thanks to my clumsiness) easy to wipe-clean when you spill your coffee on it. I like that you can choose from different colours and between fabric, vegan leather, or leather to suit your own style and needs.

Comfortable But Not Squishy

Some people like armchairs and sofas they can sink into. However, if you’re anything like me, those are a nightmare! This chair is supportive, comfortable, and cushioned but it doesn’t feel ‘squishy’ or unsupportive. Even without the rise feature, it would be a chair I’d choose because I can easily sit in it for hours without getting tailbone pain from being too hard or back pain from lack of support from the cushioning.

Three Heat Options

You can add some heat to the seat and back, with three temperature options. This helps take the chill off a cold room without needing to put the heat on, while the higher temperatures really soak into achey bones to fully relax you. It has an auto shutoff too, so you can’t accidentally leave it on.

Adjustable Lumbar Support

As well as the multitude of tilt functions in different parts of the chair, the lumbar support (the lower back) has an inflatable option to provide extra support. This is perfect for people like me who suffer from constant low back pain and feel like they always need a cushion in their lower back whenever they sit down. You can adjust it to the perfect amount for you, too.

Easy Controls

The remote control is wired to the chair, so you can’t lose it! And you also don’t need to worry about batteries running out. There are very clear instructions with pictures on every button to make it easy to set up to your ideal position. When it’s time to get out of the chair, there is a central button that controls the rise/recline, so just pressing up or down continuously will set the chair all the way back to a lay-flat position or all the way up to standing. There is a USB port in the end of the remote – which is great for me, as I can keep my laptop charged while I work from the chair.

The Hidden Arm Features

Inside each armrest is a little pop-out feature. On one side, there is a cup holder so you can keep a drink close to hand. I have to admit, this serves as the ‘pet treat’ holder in my household instead! On the other side is a wireless phone charger, so if your phone has a wireless charging capacity you can keep it in that pocket to maintain charge while still being close to hand.

Massage Function

This feels like no other massage chair or device (like those shiatsu cushions or neck roller massagers you’ve probably tried at some point). It’s not a hard, roller-style massage. Instead, parts of the back of the chair inflate and deflate in sequence, providing gentle pressure. It feels like a hug or someone pressing on your back – it’s really very pleasant and also didn’t leave me aching the next day like some roller-massage devices have done. There are three levels to try – start slowly and try each one out, because the third level is wonderful for someone like me who likes a deep massage but it might feel a bit strong for some! Having different options means there’s a level that’ll suit everyone.

Lithium Battery

The chair needs to be plugged in to function for normal operation. However, a unique feature of this model that many rise and recliners do not have is the backup lithium battery. Why is this important? In a chair without one, if you have a power cut, you could get stuck laid down or tilted back in the chair! However, the battery provides plenty of power to make sure you can safely get out of your chair even if there is a power cut.

Memory for Favourite Seating Position

The controls are manual so you can amend how you want to sit easily. But you can also set the memory for your favourite position, which means it’s easy to go from standing/sitting down to the perfect position you like to sit in. Even better, there are two memory options so you can set different ones either if more than one person uses the chair regularly or if you have two preferred positions, such as sitting more upright while snacking and watching TV and laying further back for a snooze.

Delivery and Installation

I didn’t get any special treatment for my delivery: I got the same service every customer will. Fenetic Wellbeing are an independent company, and it was very clear they care about their customers and know their product inside-out. During delivery, they set it up in the place I needed the chair to be, then spent plenty of time talking me through all of the main functions. There wasn’t a hard sell, just care to make sure it was set up how I needed it to be set up, in the right place, and that I was comfortable with how to use it. They even made sure to ask if I wanted the remote control to be wired in on the left or right side!

Areas for Improvement

Before you rush out to buy this chair, there are a few things to consider. To me, they are minor ‘would likes’, but we always look at pros and cons in our reviews as it’s important that we provide a genuine picture of what an item is like.

Heat and Massage Button Location

I am wide of hip. Very wide of hip. And, I must say, this chair still fits my sizeable rear very comfortably with space to spare either side at each armrest. However, if I move in the chair, I have sometimes accidentally put the heat or massage buttons on or off when I wanted the opposite. This is because the controls are located on the inside of the armrest, so it’s quite easy to knock with your leg if you’re a wriggler. The buttons could be better on the outside of the chair to avoid accidental knocks.

Remote Pocket

In a similar vein, I love that the remote is wired so you can’t lose it. But the wire is fairly short and you have to sort of leave it to dangle on/ over the armrest or if you’re less wide of backside, on the chair seat next to you. There is a pocket on each side of the chair – but it’s juuuussstt lower than the wire allows the remote to go. Also, if you did want to use the pocket on the side of the chair, it’s a long reach and because the central button on the remote sticks out, putting it in/out the pocket knocks the button so it does move the chair when you’re not expecting it – the pockets on each side of the chair seem more like magazine holder pockets than for the remote. I have since got a fabric over-armrest pocket that holds the remote (and TV remotes) so it’s in reach but out of the way, so it’s only a very minor snag.

No Gimbal in the Cup Holder

The cup holder is fixed in place – which means if you’ve forgotten a drink in there, you might tip it everywhere when you want to set the chair to rise and tilt forward! It would be amazing if this was set into a gimbal to level the cup however the chair was tilted.

You Need Tilt Room

Like any rise and recliner chair, you need room to operate it. Because this one has extensive tilt and recline range, you will need to make sure you have a few feet of clear space behind it if you plan to recline far back with each use.

Option for USB-C Charger

I LOVE the wireless charger pocket and that I can plug my laptop in using a USB-A to USB-C cable to keep it charged while I work. But if I am being really, really picky, it would be nice to have the USB plug in the armrest pocket instead of the wireless charger, with a USB-A and USB-C port so you can keep different types of device plugged in and store cables in the pocket when not in use. This is probably the absolute pickiest thing I can come up with for this chair but definitely one of those ‘if I were designing the next version’ notes I made.

Why Would a Fenetic Wellbeing Chair Save You Money?

Right, you might think I’m reaching here but I genuinely think you could save money with a Fenetic Wellbeing chair. There is one, very clear, money saving thing I need to mention straight away:

You could get this chair VAT-free. That’s automatically 20% off the normal sale price.

If you are buying this chair (or any rise and recliner chair from Fenetic Wellbeing) because you need assistance to get into/out of the chair, and/or would benefit from features like the tilt, raising your legs, or the heat and massage functions because of a long-term health condition, it qualifies as a medical assistance device. For example, the heat function has seriously aided my back pain and arthritis issues, as I have been able to spend half an hour each evening relaxing in the chair with the heat dissipating in a way that it reduces my muscle tension and overall pain. If you aren’t sure if you’d qualify for the VAT exemption, talk to Fenetic Wellbeing about it because they’re so knowledgable and helpful.

Even if you don’t qualify for the exemption, you can quickly compare prices online between the Fenetic Wellbeing rise and recliner range and similar offerings from high street shops and discover they are much better value, better quality, and highly rated customer service. This is their top of the range chair and it retails from £1999.99 with VAT relief or £2399.99 without VAT relief – and a portion of each sale goes to the MS Society. They have a range of rise and recliner chairs too, starting from £399.99 with VAT relief.

No Need to Heat the Whole Room

Staying on the heat element for a moment, this could save money on your heating bills because it really does get very toasty very quickly, so if you’re the only person who gets cold in the room, or you live alone and don’t fancy heating the whole house just to warm up a bit, it’s great for taking the chill away.

Stay Independent Longer

Independent living is so important to anyone with long-term health conditions. We don’t all have partners or family around to help, and paid care is expensive and doesn’t always happen when you need it. For example, I don’t need a carer around all the time – but on bad days, I could get stuck on the sofa for hours unable to get up. I have definitely considered paid carers in the past for this kind of reason, but having something like this on a bad day means I could confidently settle myself in knowing I can still get out of the chair on my own.

There is also definitely something to be said for having a chair that fits you properly when it comes to reducing pain and fatigue. Getting proper wind-down rest every evening before bed has meant that I am sleeping better, which in turn means my fatigue is lessened and I can manage more tasks in the day now.

Longevity in Quality

This is not your standard high street chair. It’s incredibly well made and will last a lot of daily use for many, many years. Investing in daily-use and high-traffic furniture is always going to save you money in the long term because ‘buy cheap, buy twice’ is real.

Less Spent on Massages

My health conditions mean I can benefit from frequent massages, but at £60 a pop that’s just not possible to maintain long-term. One massage cycle on this chair helps take tension out of my back and has made me feel much lighter and experience less pain because it’s helped with muscle tension around sore points, like my neck. I have also found that raising my legs for an hour every evening means I don’t have to consider getting expensive lower leg massages to improve circulation and lymph drainage as this is happening naturally from having my feet raised in the chair. My feet are no longer swollen all the time!

The post Use Relaxation to Save Money: Fenetic Wellbeing Rise and Recliner Review appeared first on MoneyMagpie.