🌟 SMART MONEY SUNDAYS – Business, Tax & Side-Hustle Edition

 

By ClaudiaLifestyleBlog

Welcome back to Smart Money Sundays, your weekly guide to making smarter financial decisions — this time focused on business earnings, tax, and side-income.

This week we’re covering the tax changes you need to know, what’s new for small businesses, how to reduce your tax bill legally, and where to find extra support.

Let’s make your money work smarter, not harder.👇

💼 1. Tax Return Season — What You Need to Know Now

• Self-Assessment Deadline:

31 January 2026 for the 2024–2025 tax year.

If you’re self-employed, have a side hustle, earn commission, or do freelance work — you must file.

Who needs to do a tax return?

• Etsy sellers
• Content creators
• Affiliates
• PTs
• Hair/beauty services
• Anyone earning over £1,000 from side work

HMRC Resource:

Search “HMRC Self Assessment” on gov.uk for the official portal.

Quick Tip:

Register early — late registrations mean penalties even if you earn little.

🧾 2. Five Legal Ways to Reduce Your Tax Bill (HMRC Approved)

You can earn more and keep more by understanding allowable expenses.

Allowable expenses include:

• Phone bill (percentage)

• Home office costs

• Laptop, ring light, camera equipment

• Travel for business purposes

• Training and courses

• Software (Canva, editing apps, website hosting)

• Marketing or ads

• Uniform/work clothing (if branded)

The rule:

If you need it to run your business, you can usually claim it.

This can reduce your tax by 20–30% depending on income.

🇬🇧 3. Business News: Making Tax Digital (MTD) Updates

From April 2026, self-employed earners making over £50,000 per year must keep digital records and submit quarterly updates instead of yearly returns.

Why it matters:

• You’ll need bookkeeping apps

• Quarterly reporting = fewer surprises

• Helps you budget tax throughout the year

Platforms like FreeAgent, QuickBooks, and Xero are already HMRC compatible.

💸 4. Business Grants & Support (NEW for 2025)

• Start Up Loans (Government)

Borrow £500–£25,000 with free mentoring.

Search: “Start Up Loans British Business Bank”

• Local Enterprise Support

Free business advice + workshops

Search: “LEP Growth Hub” + your postcode

• Digital & Tech Grants

Some councils provide £500–£2,000 for equipment.

Search: “Small business digital grant” in your area.

🧮 5. Side Hustle & Seller News

Etsy, Depop, Vinted, eBay Sellers

From 1 January 2025, platforms must report seller income to HMRC if you sell more than:

• €2,000 / £1,700

or

• 30 sales

If you’re making money consistently — treat it as a business.

🔎 What’s New in UK Finance (that matters to you)

📉 Inflation Easing — Could Mean Lower Bills Soon

UK inflation has fallen to 3.6% in October 2025 — the first drop in five months. This could ease pressure on everyday costs, especially for food and energy bills. 

The slowdown has strengthened expectations that the Bank of England (BoE) may cut the base interest rate sometime in December — which could eventually make borrowing and mortgage costs more manageable. 

💡 What That Means for You

• Review loan or credit-card interest rates — now’s a good time to shop around for better deals.
• If you’re saving, keep an eye on savings-account rates — some may adjust.
• For long-term planning: slowing inflation helps protect savings and reduces cost-of-living pressure.

🤝 Hurricane Relief — Help for Families in Jamaica

Many of you reached out about how we can support those suffering after the recent hurricane in Jamaica. Here are trusted charities and how you can send help directly:

• Jamaica Red Cross — donate through their emergency appeal on redcross.org.jm
• Food For The Poor Jamaica — UK and international donations via foodforthepoorja.org  
• Project HOPE — emergency medical relief, food & water aid in the hardest-hit areas.  

If you’d like to contribute, even a small amount helps — together, we can make a big difference 🌍

📊 6. Savings Update

• Zopa – 4.75% AER

• GB Bank via NuWealth – 4.86% AER

• Chase Saver – trending for emergency funds

🧠 7. This Week’s Thought

“When you understand tax, you unlock more freedom than when you earn another £100.”

It’s not just about making money — it’s about keeping it.

🔗 Connect with me

🌐 Blog: ClaudiaLifestyleBlog.com

💼 LinkedIn – Claudia Dimes

📸 TikTok | Instagram | Pinterest

Facebook community Women Who Move

📩 1:1 Coaching Email:

claudiadimes2020@gmail.com