In these trying economic times of rising energy and fuel prices, individuals are looking at other avenues of making extra money such as extra hours within their day jobs, side hustles, cash in hand work and online activity.
The act of making money online is now completely revolutionised through DIY websites, social media, new accessible investing platforms and even Amazon's own mechanical turk, where you can earn money for doing somewhat repetitive and often tedious virtual tasks. Regardless of the method, hundreds of thousands of people are making good money on a casual or part-time basis online.
Many people opt for cash in hand work as a means to avoid paying tax and keep all their earnings, which, is a perfectly legal and legitimate way of paying salaries. The benefits of a cash payment for both employers and employees are evident, but caution needs to be taken because there are tax payments and other legal implications if they are done incorrectly. Read more here from gov.uk.
What Is Cash In Hand Work?
Cash in hand work, means that you are paid in cash for the task you have accomplished. This means you won't be paid through the PAYE system, and the money won't be deposited to your bank account; instead, you'll be paid in cash for the work you did.
Paying cash to employees has advantages for both the business and the employee. If the business predominantly accepts cash from its consumers, paying cash may be more convenient for the employer. Paying its staff in cash could save time and effort by lowering the amount of cash that needs to be taken to the bank.
Many workers prefer to be paid in cash since it allows them to immediately access the money they have earned rather than having to go to a cash machine to withdraw it. Being paid in cash for each shift means you don't have to wait until the end of the month to get paid, which can make it easier for workers to budget.
Paying employees in cash, on the other hand, can be a means for firms to dodge their obligations as an employer, such as holiday pay, sick pay, and workplace pensions. Some employees may utilise this as a means of avoiding paying taxes and remaining undetected.
The amounts and level of success vary greatly depending on the opportunity, but ultimately to earn decent take-home pay you will need to put in the effort. That's where Matched Betting comes in. Matched Betting is as close as you can get to cash in hand work in that it provides an additional cash flow on top of your current salary.
What Is It?
Matched Betting (also known as back or lay bet matching, arb betting, or double betting) is a betting strategy that allows users to profit from bookmaker promotions such as free bets and incentives. Because it is based on the application of a mathematical equation rather than chance, it is generally regarded as a risk-free bet. When the stake is returned, a typical return for a matched bet is 85 percent or more of the free bet offer amount, and 70 percent or more when the stake is not returned. The majority of free bets are not returned.
How Much Can I Make With Matched Betting?
You should be able to make between £10 and £30 per hour of Matched Betting. So, if your monthly earning goal is £200 /pm, for example, you could look at dedicating about 5 hours per week at least...which really isn't too bad at all. Check out some of our member stories;
Keep in mind that the weekends will yield more offers and generally be busier for sporting events, which means you can throw more time at it.
How Much Time Does Matched Betting Take?
Getting started should take around an hour. You'll spend some time signing up to bookmakers and grabbing their new member offers.
As advised above, you can devote as much or as little time as you like. It all depends on how much money you're looking to make.
What About Income Tax?
Concerns around tax avoidance is one, if not the main issue around cash in hand work. The idea of an 'envelope of cash' is one of controversy with all kinds of myths, rumours and opinions on the acceptability. Under existing legislation, anyone may receive cash in hand payment, but it must be handled in the same manner as payments made through a bank account or any other method. In other words, the payment is taxable at the individual's current marginal tax rate.
Aside from how simple Matched Betting is to do, one of the best aspects of it is that any extra money you make is tax-free! While we're not financial experts, what we are experts in is Matched Betting and the law is extremely clear on the legal obligations attached to it - you won't have to pay any taxes on your winnings from matched betting and don't have to include it in any type of tax return and there are no legal implications whatsoever. The reason for this is the abolition of betting duty.
Previously, the government received a 6.75 percent betting duty from bookies, which they generously passed on to the punter in the form of a 9 percent tax on their up-front stake/winnings, but in 2002, the Chancellor at the time abolished the betting duty on UK bookies.
As Matched Betting requires the use of bookmakers, you can see how we can earn extra tax-free cash each month - and retain every penny!
When you think about cash in hand work, it's a common misconception to think of betting as frivolous, but Matched Betting is different. Putting in a few hours per week can be a great way way
Are you ready to increase your cash earnings through Matched Betting?
Matched betting involves the process of taking advantage of bookmakers sign up offers. Here at Profit Accumulatorwe’ve found 100s of free bet offers from our partners, ranging from £5 to £100 in value and each with step-by-step, easy to follow instructions on how you can profit.