self assessment Archives - WRLO Accountants

HMRC sends side hustle warning

WRLO Accountants — Fri, 04 Jul 2025 17:57:12 +0000

HMRC is warning those earning extra income through a side hustle to check if they need to register for self assessment and file a tax return. Side hustles can be any additional income stream, from online selling to content creation, from dog walking to property rental. It also includes gains or income received from cryptoassets. Anyone who earns over the £1,000 threshold may need to register for self assessment and complete a tax return. There is a checker tool on GOV.UK for those who aren’t sure if they meet the criteria. If they do and are new to self assessment they will need to register to receive their Unique Taxpayer Reference. Guides for side hustlers can also be found at taxhelpforhustles.campaign.gov.uk. Myrtle Lloyd, HMRC’s Director General for Customer Services, said: ‘Whether you are selling handmade crafts online, creating digital content, or renting out property, understanding your tax obligations is essential. If you earn more than £1,000 from these activities, you may need to complete a self assessment tax return. ‘Filing early puts you in control – you will know exactly what you owe, can plan your payments, and avoid the stress of the January rush. You don’t need to pay immediately […]

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Side hustle trading threshold raised to £3,000 per year

WRLO Accountants — Thu, 20 Mar 2025 17:22:07 +0000

The reporting threshold for trading income for self assessment is being lifted from £1,000 to £3,000 gross within this parliament, according to the Treasury. This includes people trading clothes online, dog-walking or gardening on the side, driving a taxi, or creating content online. The Treasury says this will benefit around 300,000 taxpayers who will no longer need to file a self assessment tax return. An estimated 90,000 of them will have no tax to pay and no reason to report their trading income to HMRC in the future at all. Others will be able to pay any tax they owe through a new simple online service. The changes are part of the government’s Plan for Change, which it says will drive forward efficiency reform. James Murray, Exchequer Secretary to the Treasury, said: ‘From trading old games to creating content on social media, we are changing the way HMRC works to make it easier for Brits to make the very most of their entrepreneurial spirit. ‘Taking hundreds of thousands of people out of filing tax returns means less time filling out forms and more time for them to grow their side-hustle. ‘We are going further and faster to overhaul the way […]

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Under 100 days to go until self assessment deadline

WRLO Accountants — Fri, 08 Nov 2024 19:04:24 +0000

HMRC has warned taxpayers that the countdown to the self assessment deadline is now underway, with less than 100 days to go. Self assessment taxpayers must file and pay their self assessment tax return before the 31 January 2025 deadline. The tax authority says more than 12 million people need to file a tax return for the 2023/24 tax year and pay any tax owed by the deadline. Over 3.5 million taxpayers have already beaten the clock and submitted their returns, it adds. HMRC is reminding others that starting their self assessment early means they are more likely to complete an accurate tax return, avoid any last-minute panic plus they will know what they owe sooner and can budget. Myrtle Lloyd, HMRC’s Director General for Customer Services, said: ‘The countdown to the self assessment deadline has begun but there is still time to thoroughly prepare and file an accurate tax return by 31 January. You can access online help and support to help you file.’ Internet link: HMRC press release

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