Latest news with #SelfAssessment
Daily Record
a day ago
- Business
- Daily Record
HMRC urges people earning money through side hustles to sort out tax returns now
If you earn more than £1,000 from additional income, you may need to register for Self Assessment. Income tax rises for Scots in April - how the changes affect you Anyone earning extra income through a side hustle is being urged to check if they need to register for Self Assessment and if so, file their tax return now. HM Revenue and Customs (HMRC) is encouraging people with additional income streams - from online selling and content creation to dog walking and property rental - to understand their tax obligations and get ahead of the January deadline rush. HMRC said the £1,000 income threshold is key - anyone who earns more than this from their side hustle in a tax year may need to register for Self Assessment and complete a tax return. This includes gains or income received from cryptoassets. Anyone who thinks they may need to complete a tax return for the 2024 to 2025 tax year can use the checker tool on to find out. New entrants to Self Assessment must register to receive their Unique Taxpayer Reference. Easy-to-use guides for side hustlers can be found on here. 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 when you file - you have until 31 January to settle your tax bill." The deadline to submit a Self Assessment tax return online and pay any tax owed for the 2024 to 2025 tax year is January 31, 2026. Early preparation is particularly important for sole traders or landlords with a qualifying income over £50,000, as they will also need to get ready to start using Making Tax Digital (MTD) for Income Tax from April 2026. This will require digital record-keeping and quarterly updates using compatible software. The full guide to paying tax if you're earning more than £1,000 on a side hustle can be found here. Online petition A new online petition is calling for the basic rate of tax to be cut from 20 per cent to 10 per cent for all workers earning less than £50,000 per year. Petition creator Holly Millar is also urging the UK Government to increase the Personal Allowance from £12,500 to £15,000. The petition, posted on the Petitions Parliament website, states: 'We believe many are struggling financially. In our view, prices are too high, food and basic necessities cost too much, bills are increasing, people are having to choose between having a warm house or food. 'We believe young people can't afford to live independently as this could due to the current Personal Allowance. We believe the government needs to start thinking about the public and their needs.' The Personal Allowance has been frozen at £12,570 since the start of the 2021/22 financial year, however, earlier this year the UK Government announced it will rise with inflation from April 2028. At 10,000 signatures of support the petition will be entitled to a written response from the UK Government. At 100,000 it would be considered by the Petitions Committee for debate in Parliament.
Glasgow Times
6 days ago
- Business
- Glasgow Times
Ebay, Vinted and Etsy users given £1,000 warning from HMRC
HM Revenue and Customs (HMRC) is encouraging those with side hustles and second jobs earning more than £1,000 – from online selling to dog walking and property rental – to see if they need to register for Self Assessment. They say filing now means you will know your tax situation sooner and can spread payments over time. What's the £1,000 threshold for HMRC? The £1,000 threshold is key: anyone who earns more than this from their side hustle in a tax year may need to register for Self Assessment and complete a tax return. This includes gains or income received from cryptoassets. Anyone who thinks they may need to complete a tax return for the 2024 to 2025 tax year can use the checker tool on to find out. New entrants to Self Assessment must register to receive their Unique Taxpayer Reference. Got a side gig or hustle? 💸 Check if you need to tell us about your additional income below. ⬇️ — HM Revenue & Customs (@HMRCgovuk) June 25, 2025 Myrtle Lloyd, HMRC's Director General for Customer Services, says: "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 when you file – you have until 31 January to settle your tax bill." Lauren Wright of chartered accountants, Ridgefield Consulting, explains that people should not assume their side hustle is exempt: 'Our firm often advises people who haven't realised their side income needed declaring. Many assume occasional selling or freelance work isn't taxable, but once income becomes regular or exceeds £1,000, a Self Assessment return is required. "With 43% of UK adults running side hustles and new HMRC reporting rules from 2025, more people risk unexpected tax bills. This is not a new tax, simply greater enforcement, especially for younger earners on platforms like Etsy or Airbnb. The key is to register early, track income and expenses, and don't assume your hustle is exempt. If unsure, seek professional advice.' Scott Gallacher, Director at wealth manager, Rowley Turton, agrees that people are often unaware of the rules: 'With platforms like eBay, Etsy, and Shopify, side hustles are more popular than ever. But many don't realise that earning over £1,000 in a tax year may mean needing to register for Self Assessment. In my experience, it's rarely deliberate tax evasion — more often just a lack of awareness. "But I have noticed fewer familiar sellers recently — people I've bought from in the past — possibly due to HMRC's increased focus on this area. My tips for people with side hustles include keeping records, however small the income, setting aside 20%–30% for tax and National Insurance, not ignoring HMRC letters and speaking to an accountant early if unsure.' Kundan Bhaduri, Entrepreneur at The Kushman Group, says the warning is a little heavy-handed: 'Well, isn't it splendid that while Rome proverbially burns, HMRC's legions are being dispatched to hunt down anyone daring to earn a few extra quid selling knitted tea cosies online. "HMRC's stern warning that those earning over a £1000 from handmade crafts or digital content might need to wrestle with a Self Assessment tax return is truly the stuff of economic legend. While the nation faces genuine fiscal challenges, and businesses scream for sensible policy, this focus on micro earnings feels like rearranging deckchairs.' There's more on HMRC here: When is the HMRC self-assessment deadline? The deadline to submit a Self Assessment tax return online and pay any tax owed for the 2024 to 2025 tax year is 31 January 2026. Early preparation is particularly important for sole traders or landlords with a qualifying income over £50,000, as they will also need to get ready to start using Making Tax Digital (MTD) for Income Tax from April 2026. This will require digital record-keeping and quarterly updates using compatible software.
Powys County Times
7 days ago
- Business
- Powys County Times
Ebay, Vinted and Etsy users given £1,000 warning from HMRC
HMRC has issued a £1000 warning to eBay, Vinted, Etsy, Facebook marketplace and Air BnB users. HM Revenue and Customs (HMRC) is encouraging those with side hustles and second jobs earning more than £1,000 – from online selling to dog walking and property rental – to see if they need to register for Self Assessment. They say filing now means you will know your tax situation sooner and can spread payments over time. What's the £1,000 threshold for HMRC? The £1,000 threshold is key: anyone who earns more than this from their side hustle in a tax year may need to register for Self Assessment and complete a tax return. This includes gains or income received from cryptoassets. Anyone who thinks they may need to complete a tax return for the 2024 to 2025 tax year can use the checker tool on to find out. New entrants to Self Assessment must register to receive their Unique Taxpayer Reference. Got a side gig or hustle? 💸 Check if you need to tell us about your additional income below. ⬇️ — HM Revenue & Customs (@HMRCgovuk) June 25, 2025 Myrtle Lloyd, HMRC's Director General for Customer Services, says: "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 when you file – you have until 31 January to settle your tax bill." Lauren Wright of chartered accountants, Ridgefield Consulting, explains that people should not assume their side hustle is exempt: 'Our firm often advises people who haven't realised their side income needed declaring. Many assume occasional selling or freelance work isn't taxable, but once income becomes regular or exceeds £1,000, a Self Assessment return is required. "With 43% of UK adults running side hustles and new HMRC reporting rules from 2025, more people risk unexpected tax bills. This is not a new tax, simply greater enforcement, especially for younger earners on platforms like Etsy or Airbnb. The key is to register early, track income and expenses, and don't assume your hustle is exempt. If unsure, seek professional advice.' @uktoday_ Here are the UK tax codes explained and how to check your tax code #uknews #uktax #taxcode #uknewsheadlines ♬ original sound - UKToday 🇬🇧 Newsquest Scott Gallacher, Director at wealth manager, Rowley Turton, agrees that people are often unaware of the rules: 'With platforms like eBay, Etsy, and Shopify, side hustles are more popular than ever. But many don't realise that earning over £1,000 in a tax year may mean needing to register for Self Assessment. In my experience, it's rarely deliberate tax evasion — more often just a lack of awareness. "But I have noticed fewer familiar sellers recently — people I've bought from in the past — possibly due to HMRC's increased focus on this area. My tips for people with side hustles include keeping records, however small the income, setting aside 20%–30% for tax and National Insurance, not ignoring HMRC letters and speaking to an accountant early if unsure.' Kundan Bhaduri, Entrepreneur at The Kushman Group, says the warning is a little heavy-handed: 'Well, isn't it splendid that while Rome proverbially burns, HMRC's legions are being dispatched to hunt down anyone daring to earn a few extra quid selling knitted tea cosies online. "HMRC's stern warning that those earning over a £1000 from handmade crafts or digital content might need to wrestle with a Self Assessment tax return is truly the stuff of economic legend. While the nation faces genuine fiscal challenges, and businesses scream for sensible policy, this focus on micro earnings feels like rearranging deckchairs.' There's more on HMRC here: When is the HMRC self-assessment deadline? The deadline to submit a Self Assessment tax return online and pay any tax owed for the 2024 to 2025 tax year is 31 January 2026. Early preparation is particularly important for sole traders or landlords with a qualifying income over £50,000, as they will also need to get ready to start using Making Tax Digital (MTD) for Income Tax from April 2026.
South Wales Argus
7 days ago
- Business
- South Wales Argus
Ebay, Vinted and Etsy users given £1,000 warning from HMRC
HM Revenue and Customs (HMRC) is encouraging those with side hustles and second jobs earning more than £1,000 – from online selling to dog walking and property rental – to see if they need to register for Self Assessment. They say filing now means you will know your tax situation sooner and can spread payments over time. What's the £1,000 threshold for HMRC? The £1,000 threshold is key: anyone who earns more than this from their side hustle in a tax year may need to register for Self Assessment and complete a tax return. This includes gains or income received from cryptoassets. Anyone who thinks they may need to complete a tax return for the 2024 to 2025 tax year can use the checker tool on to find out. New entrants to Self Assessment must register to receive their Unique Taxpayer Reference. Got a side gig or hustle? 💸 Check if you need to tell us about your additional income below. ⬇️ — HM Revenue & Customs (@HMRCgovuk) June 25, 2025 Myrtle Lloyd, HMRC's Director General for Customer Services, says: "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 when you file – you have until 31 January to settle your tax bill." Lauren Wright of chartered accountants, Ridgefield Consulting, explains that people should not assume their side hustle is exempt: 'Our firm often advises people who haven't realised their side income needed declaring. Many assume occasional selling or freelance work isn't taxable, but once income becomes regular or exceeds £1,000, a Self Assessment return is required. "With 43% of UK adults running side hustles and new HMRC reporting rules from 2025, more people risk unexpected tax bills. This is not a new tax, simply greater enforcement, especially for younger earners on platforms like Etsy or Airbnb. The key is to register early, track income and expenses, and don't assume your hustle is exempt. If unsure, seek professional advice.' Scott Gallacher, Director at wealth manager, Rowley Turton, agrees that people are often unaware of the rules: 'With platforms like eBay, Etsy, and Shopify, side hustles are more popular than ever. But many don't realise that earning over £1,000 in a tax year may mean needing to register for Self Assessment. In my experience, it's rarely deliberate tax evasion — more often just a lack of awareness. "But I have noticed fewer familiar sellers recently — people I've bought from in the past — possibly due to HMRC's increased focus on this area. My tips for people with side hustles include keeping records, however small the income, setting aside 20%–30% for tax and National Insurance, not ignoring HMRC letters and speaking to an accountant early if unsure.' Kundan Bhaduri, Entrepreneur at The Kushman Group, says the warning is a little heavy-handed: 'Well, isn't it splendid that while Rome proverbially burns, HMRC's legions are being dispatched to hunt down anyone daring to earn a few extra quid selling knitted tea cosies online. "HMRC's stern warning that those earning over a £1000 from handmade crafts or digital content might need to wrestle with a Self Assessment tax return is truly the stuff of economic legend. While the nation faces genuine fiscal challenges, and businesses scream for sensible policy, this focus on micro earnings feels like rearranging deckchairs.' There's more on HMRC here: When is the HMRC self-assessment deadline? The deadline to submit a Self Assessment tax return online and pay any tax owed for the 2024 to 2025 tax year is 31 January 2026. Early preparation is particularly important for sole traders or landlords with a qualifying income over £50,000, as they will also need to get ready to start using Making Tax Digital (MTD) for Income Tax from April 2026. This will require digital record-keeping and quarterly updates using compatible software.
Business News Wales
25-06-2025
- Business
- Business News Wales
Side Hustlers Urged to get Tax Returns Sorted
Anyone earning extra income through a side hustle is being urged to check if they need to register for Self Assessment – and if so, file their tax return now. HM Revenue and Customs (HMRC) is encouraging those with additional income streams to understand their tax obligations and get ahead of the January deadline rush. Anyone who earns more than £1,000 from their side hustle in a tax year may need to register for Self Assessment and complete a tax return. This includes gains or income received from cryptoassets. Anyone who thinks they may need to complete a tax return for the 2024 to 2025 tax year can use the checker tool on to find out. New entrants to Self Assessment must register to receive their Unique Taxpayer Reference. 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 when you file – you have until 31 January to settle your tax bill.' The deadline to submit a Self Assessment tax return online and pay any tax owed for the 2024 to 2025 tax year is 31 January 2026. Early preparation is particularly important for sole traders or landlords with a qualifying income over £50,000, as they will also need to get ready to start using Making Tax Digital (MTD) for Income Tax from April 2026. This will require digital record-keeping and quarterly updates using compatible software. Visit to find out more about Self Assessment and how to file a tax return.
