A WOMAN who used to earn £27,000 between the ages of 9 and 5 has revealed her side business has now made £110m.
Tori Gerbig, 37, left her role in the insurance industry to focus full-time on creating a clothing brand.
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She knew it was time to quit her job when she was making more money in a day with her brand pink Lily than in her day job.
Tori initially started selling things on eBay to make some extra money when she and her husband Chris were struggling with crippling debt.
She said the couple bought things in bulk at a cheap price and then sold them for a profit.
When Tori was on maternity leave in 2013, she created a Facebook group to promote the clothes she was selling, which she had bought cheaply from wholesalers in China.
Speaking to CNBC, she said: “I posted items to the Facebook group daily and saw a huge increase in sales compared to eBay.
“The group really helped catapult sales and lit the fire in this business.”
After returning to work, she continued to sell her clothes online in addition to working full-time.
In 2014, she decided to release Pink Lily online to reach a wider audience.
Tori quit her insurance job after the company made £86,000 in one month.
Her husband also decided to quit his job and by the end of the year they had made over £3 million in sales.
In 2021, the couple made £110 million in sales.
Pink Lily now has its own physical store and Tori has 250 employees.
Tori said leaving her job to be with Pink Lily was one of the best decisions of her life.
She said: “It has opened up so many opportunities, I can travel and spend more time with my children.
Do I need to pay taxes on my additional income?
MANY people who feel strapped for cash are boosting their bank balance with a side hustle.
The good news is that there are many simple ways to earn some additional income – but you need to know the rules.
When you are employed, the company you work for collects tax on your earnings and pays HMRC so you don’t have to.
But anyone who makes extra money, for example by selling things online or walking their dog, may have to do it alone.
Stephen Moor, head of employment at law firm Ashfords, said: “Care should be taken if you are earning additional income as it is likely to be taxable.
“Side hustles could be treated as taxable business income, which could include the provision of services or the sale of products.”
You can earn a gross income of up to £1,000 a year tax-free through the business allowance, but above this you will normally need to pay tax.
Stephen added: “You need to register for a self-assessment with HMRC to ensure you are paying the correct amount of tax.
“The applicable tax brackets and the amount of tax you need to pay will depend on your income.”
If you don’t file a tax return, you could receive a surprise bill from HMRC later asking you to pay the tax you owe – plus extra fees.
“We are debt-free and have a lot more financial freedom, and honestly, I’m a lot happier now that I’m self-employed.”
She added that she hopes her success inspires her daughters and shows them that anyone can be a CEO.
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