Hiya, another newbie...

[sdlbh14]

Hey everyone.

I signed up to the site last night and have been mooching through a few threads, but thought I would introduce myself.

I'm Sarah, a stay-at-home mum. My original plan was to go back to an office job when my son starts school (September 2019) but recently I have been thinking about my plans a bit more. My dream is to be able to make enough money from home to not have to get a 'traditional' job and not have to worry about school holiday childcare, or school runs, or anything like that. That means I have got a year to try and make this work.

I am nervous about it, but I guess that is the same with any new adventure and once I get further into it, it should become a breeze. I've already signed up to Prolific and been doing a few surveys on there and really loving it so far. Also using Shoppix on my phone. I dabbled in Matched Betting last year, made around £200 and then freaked out and quit - when it got to having more money in the exchange etc, it sort of scared me. I really wish I had just worked through my fears as everything was going so well. So that is another thing I need to look into again.

Has anyone done Matched Betting, given up, then gone back to it? I'm just concerned I already have a number of accounts already open so won't be able to do the beginners offers again etc.

Any other suggestions to get me started?

I think one of the biggest things that has always put me off is not having a clue about tax returns - I have always worked for someone else, so never had to sort my own tax and it sounds scary. Would love some reassurance with that if possible too!

If you have made it to the end of this long introduction, I applaud you! Ha!

 

[Jon]

Hey everyone.

I signed up to the site last night and have been mooching through a few threads, but thought I would introduce myself.

I'm Sarah, a stay-at-home mum. My original plan was to go back to an office job when my son starts school (September 2019) but recently I have been thinking about my plans a bit more. My dream is to be able to make enough money from home to not have to get a 'traditional' job and not have to worry about school holiday childcare, or school runs, or anything like that. That means I have got a year to try and make this work.

I am nervous about it, but I guess that is the same with any new adventure and once I get further into it, it should become a breeze. I've already signed up to Prolific and been doing a few surveys on there and really loving it so far. Also using Shoppix on my phone. I dabbled in Matched Betting last year, made around £200 and then freaked out and quit - when it got to having more money in the exchange etc, it sort of scared me. I really wish I had just worked through my fears as everything was going so well. So that is another thing I need to look into again.

Has anyone done Matched Betting, given up, then gone back to it? I'm just concerned I already have a number of accounts already open so won't be able to do the beginners offers again etc.

Any other suggestions to get me started?

I think one of the biggest things that has always put me off is not having a clue about tax returns - I have always worked for someone else, so never had to sort my own tax and it sounds scary. Would love some reassurance with that if possible too!

If you have made it to the end of this long introduction, I applaud you! Ha!

Hey Sarah!

Fantastic to have you on here and posting!

Regarding Tax / registering - I've got you covered! https://blog.themoneyshed.co.uk/self-employed-toolkit/

In regards to Matched Betting. Lots of people stop and come back to it but what was it that make you freak out before when you had made £200 as you had proved to yourself that is all works!!

 

[sdlbh14]

Hey Sarah!

Fantastic to have you on here and posting!

Regarding Tax / registering - I've got you covered! https://blog.themoneyshed.co.uk/self-employed-toolkit/

In regards to Matched Betting. Lots of people stop and come back to it but what was it that make you freak out before when you had made £200 as you had proved to yourself that is all works!!

Thank you. I will have a read. Part of it is the not knowing what a tax return even looks like, so I'd be going in blind for the first time and worried I'll make a mistake.

I really don't know. It wasn't that I had made a mistake and lost any money, because I didn't, I was up £200 and then I just had this sudden worry that I would somehow lose all that money and so ran away from it. In hindsight, I really wish I hadn't - it makes me a bit annoyed thinking about how much money I'd have now if I carried on.

 

[Jon]

Thank you. I will have a read. Part of it is the not knowing what a tax return even looks like, so I'd be going in blind for the first time and worried I'll make a mistake.

I really don't know. It wasn't that I had made a mistake and lost any money, because I didn't, I was up £200 and then I just had this sudden worry that I would somehow lose all that money and so ran away from it. In hindsight, I really wish I hadn't - it makes me a bit annoyed thinking about how much money I'd have now if I carried on.

Aye, no reason at all you would lose £200 since it’s just math at the end of the day and risk free (which is why we do it!)

I say just jump in and plough on with it! I only started with £60 and have made WELL over £40,000 from it now so the money is there if you want it!!

 

[Ginnybean]

I say just jump in and plough on with it! I only started with £60 and have made WELL over £40,000 from it now so the money is there if you want it!!

WOW. How long has that taken???

 

[Jon]

WOW. How long has that taken???

4 years

 

[fraserbooks]

The tax stuff is fairly straight forward if you keep receipts. The first time I had to do it, I went to a tax accountant who definitely saved me money and now I just copy what he submitted using different figures each year.

 

[Knopfler]

Hi, and welcome @sdlbh14 also worth checking out this info regarding Tax self-assessment if you don't expect to earn more than £1,000 in your first year:

https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

I registered and completed self-assessment last year but was able to cancel this years as I do not make enough from the surveys etc - you MUST apply for this and not just stop sending them in though.

Also, don't forget that Matched Betting is tax-free, you DON'T have to declare this at all.

Good luck

 

[Tam Tam]

Thank you. I will have a read. Part of it is the not knowing what a tax return even looks like, so I'd be going in blind for the first time and worried I'll make a mistake.

I really don't know. It wasn't that I had made a mistake and lost any money, because I didn't, I was up £200 and then I just had this sudden worry that I would somehow lose all that money and so ran away from it. In hindsight, I really wish I hadn't - it makes me a bit annoyed thinking about how much money I'd have now if I carried on.

I'm also a newbie, I hope to get started on matched betting at the end of the month but I'm absolutely terrified. I'm terrible with numbers and maths so I'm scared I will mess it up. However I'm still going to give it a go. I also complete surveys at the moment as well.

 

[Jon]

I'm also a newbie, I hope to get started on matched betting at the end of the month but I'm absolutely terrified. I'm terrible with numbers and maths so I'm scared I will mess it up. However I'm still going to give it a go. I also complete surveys at the moment as well.

You’ll be fine with it!

Just take it slow and follow the instructions for each offer and you’ll be making guaranteed money before you know it!

All the math is does for you anyway!

 

[sdlbh14]

The tax stuff is fairly straight forward if you keep receipts. The first time I had to do it, I went to a tax accountant who definitely saved me money and now I just copy what he submitted using different figures each year.

True - I think that is key, keeping the records so that it isn't a struggle to find out information when you need to submit. Thanks for the tip!

 

[sdlbh14]

Hi, and welcome @sdlbh14 also worth checking out this info regarding Tax self-assessment if you don't expect to earn more than £1,000 in your first year:

https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

I registered and completed self-assessment last year but was able to cancel this years as I do not make enough from the surveys etc - you MUST apply for this and not just stop sending them in though.

Also, don't forget that Matched Betting is tax-free, you DON'T have to declare this at all.

Good luck

Thank you for this. Am I right in taking from this that if I don't make more than £1000 (profit?) then I don't need to register as self employed and complete a tax return? But as soon as I go over that £1000 mark, I do?

Another good reason to get back in to Matched Betting I guess!

Thanks very much!

 

[sdlbh14]

I'm also a newbie, I hope to get started on matched betting at the end of the month but I'm absolutely terrified. I'm terrible with numbers and maths so I'm scared I will mess it up. However I'm still going to give it a go. I also complete surveys at the moment as well.

Hey!

It is scary at first and then I just panicked and thought I was going to make a mistake, even though I made £200 profit without a single mistake. Funny how the brain works! But don't worry about the maths part - I am awful at maths and didn't really find that side an issue as it is all done for you. Worth a look though.

What survey sites do you use at the moment?

 

[Jon]

Thank you for this. Am I right in taking from this that if I don't make more than £1000 (profit?) then I don't need to register as self employed and complete a tax return? But as soon as I go over that £1000 mark, I do?

Another good reason to get back in to Matched Betting I guess!

Thanks very much!

I REALLY wouldn't let the fact you have to register with HMRC put you off the absolute TON of cash you can earn outside of Matched Betting!

 

[sdlbh14]

I REALLY wouldn't let the fact you have to register with HMRC put you off the absolute TON of cash you can earn outside of Matched Betting!

I'm gonna do my best to be open minded! I don't mind having to register just have the fear of first time! But once it's done once I'll probably wonder why I put it off so long.

 

[Jon]

I'm gonna do my best to be open minded! I don't mind having to register just have the fear of first time! But once it's done once I'll probably wonder why I put it off so long.

It literally takes about 10 minutes to do

You'll be fine!

 

[Ginnybean]

Thank you for this. Am I right in taking from this that if I don't make more than £1000 (profit?) then I don't need to register as self employed and complete a tax return? But as soon as I go over that £1000 mark, I do?

Don't worry the process is made easy online, it takes you through each stage. As Jon said don't let this get in the way of the opportunities out there.

The £1000 is how much you actually bring in rather than profit. So how much money you actually receive (into your bank account) before you knock off any expenses. If we go by the rules exactly (sorry accountant here...) you should register as soon as you are aware you will go over £1000. In reality, I would say if you are doing this as a hobby then don't worry about it unless you need to but if you are viewing it as a self employed business register right away so it is just done and you don't need to think about it!

Good luck and have fun!

 

[Tam Tam]

You’ll be fine with it!

Just take it slow and follow the instructions for each offer and you’ll be making guaranteed money before you know it!

All the math is does for you anyway!

Thank you for this, I'm sure I will be asking a lot of questions once I get started. I think I will only have about a £50 budget, I wish I had more but hopefully that should do.

 

[Jon]

Thank you for this, I'm sure I will be asking a lot of questions once I get started. I think I will only have about a £50 budget, I wish I had more but hopefully that should do.

I only started with £60 and have made over £40,000 so you have nothing to worry about

 

[sdlbh14]

Don't worry the process is made easy online, it takes you through each stage. As Jon said don't let this get in the way of the opportunities out there.

The £1000 is how much you actually bring in rather than profit. So how much money you actually receive (into your bank account) before you knock off any expenses. If we go by the rules exactly (sorry accountant here...) you should register as soon as you are aware you will go over £1000. In reality, I would say if you are doing this as a hobby then don't worry about it unless you need to but if you are viewing it as a self employed business register right away so it is just done and you don't need to think about it!

Good luck and have fun!

Thank you for this, very helpful!