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.