side hustlers 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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