As Christmas approaches, HMRC has advised those earning extra income through side hustles that they should be aware of their tax obligations. The tax office has reminded earners to declare income exceeding £1,000 per tax year to avoid penalties. While selling personal items typically does not require reporting, significant sales may incur capital gains tax. According to Finder, 39% of Brits engage in side hustles, earning an average of £210 weekly.
Disclaimer
The information on this Blog is for general purposes only on matters of interest. The Company assumes no responsibility for errors or omissions in the content of the Blog. Even if the Company takes every precaution to ensure the Blog’s content is current and accurate, errors can occur. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information on the Blog. The Company is not responsible for errors, omissions, or results from using this information. The Company reserves the right to make additions, deletions, or modifications to the Blog’s contents without prior notice.
In no event shall the Company be liable for any special, direct, indirect, consequential, or incidental damages or any damages whatsoever, whether in an action of contract, negligence, or another tort, arising out of or in connection with the use of the Blog or the contents of the Blog. The Company does not warrant that the Blog is free of viruses or other harmful components.
Please read our disclaimer policy.
