Side hustles are booming in the UK as new research reveals almost half of the UK now runs a business alongside full-time employment. <\/p>\n\n\n\n
The consumer survey from Simply Business shows that 4.9 million* side hustlers will complete a Self-Assessment tax return for the first time this year, but a further two million** remain unsure about whether they need to submit one at all.<\/p>\n\n\n\n
But what exactly are your tax obligations if you run a side hustle? And how do you report income to HMRC?<\/p>\n\n\n\n
Earning money that isn\u2019t taxed through PAYE \u2013 if it\u2019s a freelance gig or any other form of self-employment \u2013 means you\u2019re responsible for reporting your income and expenses to HMRC. <\/p>\n\n\n\n
This involves:<\/p>\n\n\n\n
Read more about second job tax<\/a>.<\/p>\n\n\n\n <\/p>\n\n\n\n So, your side hustle is making money? That’s amazing news! But that means you might need to start paying tax. This short video covers when you need to start paying tax \u2013 plus how you do it and what could happen if you don’t.<\/p>\n\n\n\n\n
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