June 27, 2013

Learn about the Finances before You Participate in Paid Online Surveys

A paid online survey can be a great way to add a little extra to your regular income. It can also be an easy way to add to your pocket money. However, don’t expect it to substitute a regular salary. Before you sign-up with an online community to participate in surveys, you need to find out the necessary details about the financial aspect.

Let’s focus on the points that may help you make some easy money by participating in online surveys.

Online surveys pay well. You can earn anything between £0.50 and £10 for a single survey. It depends on the type and complexity of the survey, the questions asked, and the time necessary for filling the questionnaire.

With a little patience and effort, you may earn as much as £100-200 in a year. It depends on the number of surveys you are selected for participating. As this depends on your profile, it is best to provide as much information about yourself as possible when you sign-up.

A website may pay in cash or kind. Not all online communities pay in cash. You may be able to earn hard cash from some; however, many also pay with vouchers for a meal at a restaurant or reward points you can use when you shop at select online stores.

Never pay to join a site. Online communities associated with market research agencies pay you to participate in surveys that help evaluate consumer perception, opinion and behaviour. A good site never asks you to pay; stay away from sites that does.

A website may have a minimum payment threshold. Don’t expect the site to pay up as soon as you have completed your first online survey. The majority of websites have a minimum payment threshold that you have to cross before you get paid.

The minimum payment threshold is only £4. This implies that you can get the cash in your account the moment you have earned £4 from the surveys. Check this before you begin; some sites may have really high thresholds.

A paid survey site is not a bank; don’t stash your cash in it. It may feel like a good idea to add to your online community account until the amount becomes a substantial one. However, it may not always be a good idea.

There is no risk of losing money with a legitimate site; however, the right idea is to take out the money once it has crossed the minimum payment threshold. Also, use up vouchers as soon as possible. They won’t be of any use if you miss the time for which they are valid.

Online survey income may be tax deductible. If you are a non-taxpayer, the chances are low that this income would make you one. It is hardly a substitute for a regular salary. However, if you are a taxpayer, it is best to keep yourself updated about taxes.

The money you earn from paid online surveys is self-employed income; it may need to be declared. The best thing to do is register with the HM Revenue and Customs Helpline for the Newly Self-Employed once you have earned money for 3 months.

Any failure to declare your earnings from online surveys may result in a penalty of £100, which is often more than what you earn.

Before you choose a particular website and become a member, you need to check out the important details about the way payments are calculated and made. Some websites pay via PayPal while others pay in cheques. Make sure you have a clear idea about how thinks work before you sign-up with them to earn a little extra and boost your income.

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