Fancy learning about tax-free extra cash?

Everyone would like some free money, but how can you make sure that the extra cash you make is also tax free? It may seem like risky proposition, but there are many ways of boosting your income without handing any cash over at the end of it. Here are our top 5 tips to increasing your bank balance.

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Get your money back

A recent report by the British Banker's association claims that there is more than £15 billion sat in old, unused bank accounts. It's a great time to take a look at all of your old accounts to see if you have any funds that you've forgotten about. Online tools are available to help track down any accounts that are in your name and they cover all UK banks and building societies.

Web surveys

If you have some free time, why not sign up to one of the many online survey sites available? Companies are desperate for fresh data which means you can get paid for simply answering a few questions. Your opinions can earn you cash or online vouchers. Simply sign up to a site such as Yougov and you will be sent tailored surveys that you can start answering straight away.

Rent out your home

Not all of us have the luxury of a spare room, however if you do have some space that's just filling up with junk, why not transform it into a spare bedroom for a lodger? The government's 'rent a room' scheme has made it possible for homeowners to rent out their bedrooms and not pay any tax on the first £4,250 they receive. You can often make up to £289 a month by renting out your space, and there's always demand for inner city accommodation.

Matched betting

Unlike traditional gambling, matched betting is a great way to get around the system and take advantage of the free bets offered by most major gambling sites. The majority of bookies have offers to entice new gamblers to their sites, an example being 'bet £20 to receive a £20 free bet'. If you take your time, use a great resource such as Profit Accumulator, and research the arena, you can use matched betting to make up to 95% of the free bet amount as profit.

Cashback

Finally, why not start making money back from your online purchases? Cashback sites are a great way to boost your income, and will pay you back every time you buy a product or service from selected retailers. Take a look at sites such as Quidco that offer 100% commission cashback. Once you get into the habit of visiting retailers through these sites, you will soon be quids in.

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