The UK government has announced that it is tripling the amount you can earn on a side hustle, before being required to file a tax return, Airwallex, a leading global payments and financial platform for growing businesses, has shared their thoughts on the positive announcement for entrepreneurs and startups, as well as their top tips on how to start a business.
Immy Spence, Head of Sales, SME and Growth from Airwallex EMEA Business Accounts commented: “The UK government's plan to triple the amount you can earn on top of your regular job, before you are required to file a tax return, is great news for entrepreneurs and startups. “You can now earn £3,000 from a side hustle or new venture, before you have to start any additional paperwork - a significant step forward in reducing the administrative burden for those just starting out in business.
“This change will benefit approximately 300,000 people - from online content creators to marketplace sellers on online platforms - freeing them from time-consuming tax returns and allowing them to channel more energy into their entrepreneurial ventures, ultimately helping the global digital economy.
“At Airwallex we believe that entrepreneurs should focus on growing their businesses, not spending precious time filing paperwork, so are happy to see policy changes that support this entrepreneurial spirit. This reduction in administrative red tape aligns well with our mission to empower businesses of all sizes.”
1. Automate the tasks you do most
The best business tech can be boiled down to one truth: It makes our work easier. Automation is the epitome of this. In the day-to-day running of your business, your time gets eaten up by tasks and busywork. These tasks are prime candidates for automation. The sooner you can do away with repetitive admin, the sooner you can get back to what matters – growing your business. DIY tools like IFTTT or Zapier are great starting points. Otherwise, you can try tools built for specific areas, like email marketing or customer onboarding.
2. Make peace with what you can't control
You can start an exceptional business and still be caught out by unfortunate timing. In the last few years, businesses have had to deal with a pandemic, a war in Europe, and economic chaos. We can’t control everything that defines our success. We can control how we respond to it all. If your business fails, you’re in the majority. Depending on your perspective, that’ll be disheartening or liberating. Entrepreneurship is a long and winding road. Don’t let a few potholes stop you from chasing your dreams and building a business you’re proud of.
3. Have a central source of truth
Bring all your accounts into one place using accounting software like Xero. You’ll also want to make sure it integrates with platforms you use for payments and corporate cards.
4. Don't ignore your taxes
While the new regulation allows you to earn up to £3,000 before submitting a tax return, you shouldn’t stick your head in the sand and make it a future problem. Instead, you can put money aside regularly for taxes, so that tax season will no longer be a time of panic and worry.
5. Abundant experiments, cautious commitments
You need to try something to know whether it’s useful. In this sense, you shouldn’t hold back. Try new tech out, at a low cost, wherever possible. Spending every week learning about new systems or processes isn’t advisable, but you’ll know when something’s worth trying.
When it comes to committing to new tech, be more discerning. You need to be sure that it will be value for money, as well as worth the time it takes to embed into your business.
For more information on managing your business finances visit the Airwallex website.
Copyright 2025. Article made possible by Airwallex. You can read the original article here.