What have a policeman from Royton, a newsagent and his wife from Rossendale, a nurse from Preston,
a Blackpool housewife, a building site manager from Rochdale, a vet from Ashton, and a 70-year-old cleaner from
Gloucester got in common? They’re all making good money as private tutors.
Contrary to what you may have thought, you don’t need to be a
qualified teacher to be a private tutor, and with millions of parents keen to give their kids a head start in
an increasingly competitive world, this is a field which continues to expand. In addition, in these difficult
economic times, many parents are using private tuition as an alternative to full time private
About £20 an hour is the norm, and most of the work being available
after school hours in the evening and on Saturday mornings, it’s an opportunity which can often fit in easily
with other jobs and commitments.
The Big PAYE
The big story to start the week is that £2 billion has been
underpaid via the Pay as You Earn (PAYE) system over the past two years and about 1.4 million people owe an
average of £1,500 each. On the bright side, £1.8 billion has been overpaid and about 4.3 million people will
receive a rebate.
You may want to check your tax code which you’ll find on your last
pay slip so you can see if you fall into either category (if you have overpaid, you should receive a lump sum
refund, if you have underpaid, the repayments should be spread over the next tax year). Where next? The HMRC
web pages at http://www.hmrc.gov.uk/incometax/tax-codes.htm give you the lowdown.
I’ve just been sent some blurb about a website, Ounces 2 Pounds at
www.ounces2pounds.co.uk, that helps you set up home-based parties where your friends and colleagues can sell
unwanted gold jewellery and you take commission.
These types of parties – and you can sell anything from homemade
arts and crafts to bought-in kitchen goodies - can be useful money-makers.
The websites tend to pitch earnings on the high side but £100 per
evening in the run-up to Christmas is achievable. We have an article on the way for you.
Check Your Savings
If you have savings on deposit, do you know the interest rate you’re
receiving? It’s a question we ask regularly because banks and building societies continue to lower their
rates without telling savers that the early promotional rate is no longer in force.
A recent Which? study confirms our earlier warnings – only four out
of 12 institutions tell savers when rates are changed. These are Cheltenham & Gloucester, the Co-op, ING
Direct and First Direct. Which? says that savers are not being told about ‘proportionately very large’ cuts
on rates. Time to check?