Freelance services, such as managing social media and digital design, are some of the skills in demand in the online space. Getty
Freelance services, such as managing social media and digital design, are some of the skills in demand in the online space. Getty
Freelance services, such as managing social media and digital design, are some of the skills in demand in the online space. Getty
Freelance services, such as managing social media and digital design, are some of the skills in demand in the online space. Getty

Could starting a side hustle be your ticket to financial success?


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The term “side hustle” has gained popularity in recent years and can encompass any work carried out in addition to full-time employment, from tutoring to waitressing to starting a business.

Since the outbreak of the pandemic, many people around the world have embarked on a side hustle.

Driven by the rising costs of living and the coronavirus pandemic affording people more free time, the flexible gig economy is rapidly becoming a preferred way of working for many.

What are the pros of working a side hustle?

The first and most obvious benefit of doing a side hustle is additional income. Whether it is to help pay the bills to combat the effects of inflation or to plump your savings account, most people would appreciate some extra money.

People can earn an extra Dh3,000 to Dh6,000 a month on average with a side hustle, recruitment experts say, which can boost savings or expedite paying off debt.

A side hustle can also help broaden and improve your skills and network. For example, if you help small business owners manage their social media accounts, you will learn how to grow an audience, while being paid.

This could help you in the future if you build your own business or open the door to employment opportunities in different industries.

You could build your side hustle into a full-time income that enables you to quit your current job for more flexibility, fulfilment and money.

Are there any downsides to starting a side hustle?

With any sort of work, it requires time. This can be exhausting on top of a full-time job and possibly lead to stress and burnout.

To alleviate this, it can be more enjoyable to start a side hustle doing something you feel passionate about. You can also set goals and plan what you will do with the extra income to keep you motivated.

If you spend a lot of money upfront for equipment, training or courses and don’t make your investment back, this could result in a loss.

To offset this, set a limit for the amount you will invest in your side hustle before you make a certain amount of revenue. Once you know you can definitely earn money, you can always invest more in your side hustle.

Check your contract or speak with your HR department to ensure that you are complying with the terms of your current employer.

You may have contractual restrictions in your full-time job that prevent you from doing some types of work; for example, your availability to work certain shifts or conflicts of interest.

However, it is worth noting that under laws announced in February 2022, employees in the UAE have the right to work part-time in addition to their primary job. Additionally, if you start a business, you should apply for a licence to conduct your operations.

Each emirate has slightly different requirements, but it has generally become easier and cheaper to obtain a business permit. To find out more, check the Ministry of Human Resources and Emiratisation website.

What is the best side hustle to choose?

It is common to want to start a side hustle, but feel overwhelmed by the decision of what to do.

As a rule of thumb, it is useful to consider what your skills are, what your community needs and what you enjoy doing.

The intersection of all these answers is how you will earn money.

For example, if you are a talented photographer, you enjoy taking pictures of people and there are many wedding venues in your area, offering a wedding photography service may be your ideal side hustle.

What are some of the popular side hustles?

Tutoring or teaching: if you have a skill or specialist knowledge, there are people who want to learn what you know. With so many readily available online platforms, it has never been easier to market and sell your skills, from school subjects to knitting to sports.

House or pet sitting: many people travel regularly and will pay you to take care of their luxury homes and furry friends.

E-commerce: selling handmade or repurposed products through websites such as Etsy, Facebook and Amazon.

Professional services: freelance services, such as copywriting, managing social media and digital design are just some of the skills in demand in the online space.

Whatever you decide to do, matching a need in the market with something you enjoy doing is the sweet spot to side-hustle success.

Alison Soltani is the founder of LeapSavvySavers.com

RESULTS

Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)

Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)

Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)

Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)

Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)

Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)

Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)

Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)

Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)

Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)

Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)

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The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

COMPANY%20PROFILE
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ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Updated: July 29, 2022, 5:52 AM