Those who earn more than £1,000 annually from their side hustle are being urged to register for self-assessment and file their tax return sooner rather than later.
While the deadline date for the 2024 to 2025 tax year isn’t until the 31st of January 2026, HMRC is advising that people file now so they know their tax situation and can spread payments over time if need be.
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.
Need help deciding between Limited or Umbrella? We are happy to help- give Sophie a call on 01442 795 100 or email sophie.lewis@dolanaccountancy.com
“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.”
HMRC’s Help for Hustle campaign explains everything you need to know about your responsibilities when it comes to paying tax.
The key areas include:
- I’m buying or making things to sell
- I’ve got a side gig
- I work for myself doing multiple jobs
- I’m a content creator or influencer
- I rent out my property
If you’re not sure how the side hustle tax rules affect you, take a look at our Do I need to worry about the new ‘side hustle’ tax rules? page for more information.
To find out more about contracting, please contact Jaime on 01206 591 000 or email jaime.thorpe@contractorumbrella.com.
Trusted by over 1,200 employees |