{"id":11357,"date":"2024-01-26T16:05:34","date_gmt":"2024-01-26T16:05:34","guid":{"rendered":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/?p=11357"},"modified":"2025-01-13T09:09:21","modified_gmt":"2025-01-13T09:09:21","slug":"side-hustle-tax","status":"publish","type":"post","link":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/side-hustle-tax\/","title":{"rendered":"Side hustle tax &#8211; what you need to know"},"content":{"rendered":"            <div class='post-lastupdated'>\n                <strong>Last updated: 13 Jan 2025<\/strong>\n            <\/div>\n        \n<p><span style=\"font-weight: 400;\">Side hustles have taken the world by storm amid high inflation. People have turned to side hustles to boost their income by selling used clothes online or delivering food in their spare time. <\/span><span style=\"font-weight: 400;\">However, HMRC has now introduced what many people call a \u2018side hustle tax\u2019. It means you have to declare your additional income and pay tax on it, if your annual earnings exceed the tax-free trading allowance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this article, we\u2019ll guide you through everything you need to know about the new rules. We will explain what a side hustle is, when and how to notify HMRC about it, and how to register a side business with Quality Company Formations.<\/span><\/p>\n<h2>What is a side hustle?<\/h3>\n<p><span style=\"font-weight: 400;\">A side hustle is a way of earning extra money whilst having a full-time job. It\u2019s not a main form of income but rather an alternative way to earn additional cash in your spare time that isn\u2019t from your regular employer.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It can be a casual job you do once in a while or owning a small business (that isn\u2019t your main job). Common side hustles include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Selling goods on sites like Etsy, eBay, and Amazon<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Selling pre-owned clothes on sites like Vinted and Depop<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Delivering food (e.g. with Deliveroo)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Delivering packages (e.g. with Amazon)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Taxi driving (e.g. with Uber)\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Freelancing<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Part-time jobs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Casual jobs (e.g. gardening or babysitting)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Renting out a property or part of it (e.g. on Airbnb)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Creating online content (e.g. podcasting, blogging\/vlogging, or social media influencing)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Selling items at car boot sales or auctions<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Essentially, a side hustle is any form of earning additional income on top of your full-time job.<\/span><\/p>\n<h2>When you need to pay tax<\/h3>\n<p><span style=\"font-weight: 400;\">The rule is that you must declare your side hustle income <\/span><b>once you start earning more than \u00a31,000 a year <\/b><span style=\"font-weight: 400;\">from it (this is the tax-free trading allowance). For example, if you\u2019re in full-time employment and make \u00a3400 across the year from selling second-hand clothes on Vinted, you don\u2019t need to do anything.<\/span><\/p>\n            <div class=\"revolut_shortcode\">\n                <a href=\"https:\/\/revolutbusiness.ngih.net\/daV2kQ\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/revolut_mobile.png\"\n                        alt=\"Revolut Business & Affiliates.\"\n                        class=\"revolut_shortcode-mobile\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/revolut_desktop.png\"\n                        alt=\"Revolut Business & Affiliates.\"\n                        class=\"revolut_shortcode-desktop\">\n                <\/a>\n            <\/div>\n            \n<p><span style=\"font-weight: 400;\">However, if you\u2019re in full-time employment and you sell \u00a31,020 worth of clothes across the year, you must declare that additional income source.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s important to note that the threshold applies to overall earnings made across multiple platforms. Also, even if you don\u2019t exceed that \u00a31,000 limit, it\u2019s useful to keep hold of your side hustle income records, just in case they are requested.<\/span><\/p>\n<h4>Exemptions<\/h4>\n<p><span style=\"font-weight: 400;\">Whether or not your side hustle earnings are taxable depends on individual circumstances. For instance, if you rent out a room in your home under the <\/span><a href=\"https:\/\/www.gov.uk\/rent-room-in-your-home\/the-rent-a-room-scheme\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Rent a Room Scheme<\/span><\/a><span style=\"font-weight: 400;\">, you can earn up to \u00a37,500 a year tax-free (or \u00a33,750 if you share the income with someone else), as opposed to \u00a31,000.\u00a0<\/span><\/p>\n<p>If you only sell personal possessions (physical items that belong to you, like clothes, furniture, and jewellery), you do not need to tell HMRC or pay tax on that income.<\/p>\n<p><span style=\"font-weight: 400;\">However, different rules apply if you make a profit from selling high-value personal items (like luxury fashion, jewellery, or antiques) for more than \u00a36,000 per item. In this instance, you need to report the sale to HMRC within 60 days, and you may be liable to pay Capital Gains Tax (instead of Income Tax).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re unsure if you need to report your side hustle income, you can check this on the <\/span><a href=\"https:\/\/www.gov.uk\/check-additional-income-tax\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">HMRC website<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h2>So, what&#8217;s changed?<\/h3>\n<p><span style=\"font-weight: 400;\">Despite some uproar on side hustle tax, this isn\u2019t actually a new tax rule at all. The tax-free trading allowance hasn\u2019t changed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, the <\/span><i><span style=\"font-weight: 400;\">new<\/span><\/i> <span style=\"font-weight: 400;\">rule that was introduced on 1st January 2024 is that individual marketplace platforms must now routinely report their users\u2019 earnings to HMRC <\/span><b>once they exceed \u00a31,000 a year. <\/b><span style=\"font-weight: 400;\">Until then, this information isn\u2019t automatically shared.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In reality, most people selling the odd t-shirt on Vinted are not affected by this. It only concerns those who earn more than the tax-free trading allowance from a side business.<\/span><\/p>\n<h2>How to pay tax on your side hustle<\/h3>\n<p><span style=\"font-weight: 400;\">Paying tax on your side hustle income is different from the way you normally pay tax on your full-time salary. This time, you\u2019ll need to submit a Self Assessment tax return.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re submitting your first tax return, you\u2019ll need to <\/span><a href=\"https:\/\/www.gov.uk\/register-for-self-assessment\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">register for Self Assessment <\/span><\/a><span style=\"font-weight: 400;\">(self-employed). Otherwise, sign in to your <\/span><a href=\"https:\/\/www.access.service.gov.uk\/login\/signin\/creds\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Government Gateway account<\/span><\/a><span style=\"font-weight: 400;\"> using your ID and password. The deadline for filing your online tax return is 31st January, or 31st October for paper returns.\u00a0<\/span><\/p>\n<p>                                                    <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/self-assessment-tax-return-mistakes\/\" class=\"related\" data-wpel-link=\"internal\"><span class=\"related-title\">6 common Self Assessment tax return mistakes and how to avoid them<\/span><\/a>\n                                                                        <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/7-types-of-business-taxes\/\" class=\"related\" data-wpel-link=\"internal\"><span class=\"related-title\">7 types of business taxes you need to know about<\/span><\/a>\n                                                                        <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/what-tax-does-limited-company-pay\/\" class=\"related\" data-wpel-link=\"internal\"><span class=\"related-title\">What tax does a limited company pay?<\/span><\/a>\n                    <\/p>\n<p><span style=\"font-weight: 400;\">The amount of tax you pay will differ from person to person, depending on how much extra income you\u2019ve earned. Please note that your side hustle earnings could push you into a higher tax bracket, meaning you\u2019ll pay a higher rate of tax than before on this additional income.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve submitted your Self Assessment tax return, HMRC will process it and calculate how much tax you owe. You can check if and how your tax rate might be affected on the <\/span><a href=\"https:\/\/www.gov.uk\/income-tax-rates\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">HMRC website<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<h4>If you fail to pay<\/h4>\n<p><span style=\"font-weight: 400;\">You may be fined if you are liable to pay side hustle tax but fail to do so. Also, if you miss the Self Assessment deadline or pay your tax bill late, you\u2019ll get a late filing penalty of \u00a3100 for the first 3 months.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If your tax return is late by more than 3 months, the penalty will incur interest, and you\u2019ll be charged more the later it gets.\u00a0<\/span><\/p>\n<h2>How to reduce your side hustle tax bill<\/h3>\n<p><span style=\"font-weight: 400;\">There are certain allowable expenses that you can claim back and reduce your side hustle tax bill. These expenses include anything you\u2019ve had to purchase for business purposes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if you run a hairdressing business in your spare time, you might need to buy certain equipment\/products, or maybe you travel to your client&#8217;s homes and you\u2019ve had to pay for fuel or a train ticket to get there.\u00a0<\/span><\/p>\n            <div class=\"hubspot_shortcode\">\n                <a href=\"https:\/\/hubspot.sjv.io\/OrKdGZ\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_mobile.png\"\n                        alt=\"Get Started With HubSpot's Free Tools.\"\n                        class=\"hubspot_shortcode-mobile\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_desktop.png\"\n                        alt=\"Get Started With HubSpot's Free Tools.\"\n                        class=\"hubspot_shortcode-desktop\">\n                <\/a>\n            <\/div>\n        \n<p><span style=\"font-weight: 400;\">These are all allowable business expenses that can be deducted from your final tax bill, ensuring you are only taxed on the profits made from your side hustle. For a full list of what you can claim, visit the <\/span><a href=\"https:\/\/www.gov.uk\/expenses-if-youre-self-employed\/how-to-claim\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">HMRC website<\/span><\/a><span style=\"font-weight: 400;\">. If your business expenses for the year are under \u00a31,000, you can elect to claim the trading allowance, which is a flat rate of \u00a31,000, which can be used against any income of this nature to reduce your taxable profits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To claim these costs back, you should keep accurate records of all your receipts to make sure you claim the correct amount. You don\u2019t have to include receipts in your Self Assessment tax return, but it is advised, as HMRC may request supporting evidence regarding your claim at a later date.<\/span><\/p>\n<h2>Register your side hustle<\/h3>\n<p><span style=\"font-weight: 400;\">If your side hustle is a business that trades regularly, you may wish to register it as a limited company. As opposed to operating as a sole trader, a limited company comes with several key benefits, such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A credible\/prestigious image that your customers and clients can trust<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A limited company is a separate legal entity<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">As a limited company owner, you\u2019ll have limited liability, meaning you have no personal responsibility for its finances<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Tax-efficiency &#8211; limited companies typically pay lower tax rates than sole traders, and there are several tax-efficient options for paying yourself<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your unique business name is legally protected, preventing others from trading under your company\u2019s identity<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You can register your side business directly with <\/span><a href=\"https:\/\/www.gov.uk\/set-up-limited-company\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Companies House<\/span><\/a><span style=\"font-weight: 400;\">, through an accountant, or a company formation agent like <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/\" data-wpel-link=\"internal\">Quality Company Formations<\/a>. Using a formation agent is easier and stress-free, and you\u2019ll be guided through the process by a trained expert.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To register your business with QCF, follow these 4 simple steps:<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Choose a company name &#8211; <\/b><span style=\"font-weight: 400;\">Your name must be unique (unlike any other existing company name). It also needs to avoid some sensitive words and expressions (more details available on the <\/span><a href=\"https:\/\/www.gov.uk\/government\/publications\/incorporation-and-names\/annex-a-sensitive-words-and-expressions-or-words-that-could-imply-a-connection-with-government\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Companies House website<\/span><\/a><span style=\"font-weight: 400;\">). To check if your desired name is available, use our <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">name checker tool<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Choose your formation package &#8211; <\/b><span style=\"font-weight: 400;\">Choose the right <\/span><a href=\"https:\/\/www.qualitycompanyformations.co.uk\/formation-packages\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">package<\/span><\/a><span style=\"font-weight: 400;\"> for your business structure. Prices range between \u00a351.99 and \u00a369.99.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Checkout and pay &#8211; <\/b><span style=\"font-weight: 400;\">Add optional extras like VAT registration or the Guaranteed Same Day Service.\u00a0<\/span><\/li>\n<li aria-level=\"1\"><b>Insert company details &#8211; <\/b><span style=\"font-weight: 400;\">Provide key information about your company, such as its name, Standard Industrial Classification (SIC) codes, and shareholder and director information.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you\u2019re unsure of anything, our helpful team are always here to help and guide you through the process.\u00a0<\/span><\/p>\n<h2>Thanks for reading<\/h3>\n<p><span style=\"font-weight: 400;\">We hope this article has helped you understand more about side hustles and how additional income is taxed. Remember that a side hustle isn\u2019t your main job, and you only need to report those extra earnings if they go over \u00a31,000 a year.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, if you\u2019re active on any marketplace platforms and pass this tax-free threshold, your information will automatically be shared with HMRC.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Finally, if you trade regularly through your side business, it\u2019s worth registering as a limited company to enjoy the significant benefits of being a limited company owner.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks for reading. If you have any questions or comments, please share them with us below.\u00a0<\/span><\/p>\n            <div class=\"names_shortcode\">\n                <a href=\"https:\/\/acn.ionos.co.uk\/aff_c?offer_id=3&amp;aff_id=8964&amp;url_id=309\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/242634_Domains_Banner-Cooperation_QCF_325x340_UK.png\"\n                        alt=\"FREE .co.uk Domain Name.\"\n                        class=\"names_shortcode-mobile\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/242634_Domains_Banner-Cooperation_QCF_980x150_UK.png\"\n                        alt=\"FREE .co.uk Domain Name.\"\n                        class=\"names_shortcode-desktop\">\n                <\/a>\n            <\/div>\n        \n"},"excerpt":{"rendered":"<p>Side hustles have taken the world by storm amid high inflation. People have turned to side hustles to boost their income by selling used clothes online or delivering food in their spare time. However, HMRC has now introduced what many people call a \u2018side hustle tax\u2019. It means you have to declare your additional income&hellip;<\/p>\n","protected":false},"author":28,"featured_media":11551,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[114],"tags":[],"class_list":["post-11357","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-advice","category-114","description-off"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v24.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Side Hustle Tax - What You Need To Know<\/title>\n<meta name=\"description\" content=\"Find out how side hustle tax works, including when and how to notify HMRC about it, and how to register a side business with QCF.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/side-hustle-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Side hustle tax - what you need to know\" \/>\n<meta property=\"og:description\" content=\"Find out how side hustle tax works, including when and how to notify HMRC about it, and how to register a side business with QCF.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/side-hustle-tax\/\" \/>\n<meta property=\"og:site_name\" content=\"Quality Formations Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-26T16:05:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-01-13T09:09:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.qualityformationsblog.co.uk\/wp-content\/uploads\/2024\/01\/Shutterstock_1634537815-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Amelia French\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amelia French\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Side Hustle Tax - 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