Earning extra income or testing a new business idea through a side hustle can be both rewarding and practical. With careful planning and the right knowledge, you can set up a compliant, profitable venture alongside your main job.
Sole Trader
Easy setup, personally liable, keep profits
Limited Company
Limited liability, tax efficient, more admin
Simplifies bookkeeping, tracks cash flow, looks professional. Consider Starling Business or Tide.
Block weekly hours, manage work-life balance, plan for scaling or outsourcing.
List startup/ongoing costs, choose funding method, build contingency fund.
2-4 pages covering: idea, market, pricing, marketing, financials, risks.
Review non-compete clauses, get permission if needed, consult HR if unsure.
Use Upwork, Fiverr, PeoplePerHour. Start with test projects, agree clear briefs.
Check trade marks (UKIPO), patents, copyright, domain availability.
Starting a side hustle is a journey that combines passion with practical planning. If you need expert support on tax registration, bookkeeping or growth planning, Taxwise Accountancy is here to help.
Let us simplify the financial side of your new venture