Love your side hustle? Make it tax official this Valentine鈥檚
HMRC launches Help for Hustles campaign to help people earning extra income understand their tax obligations.
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HM Revenue and Customs鈥� (HMRC) 鈥楬elp for Hustles鈥� campaign launched to support people earning extra income to understand any tax obligations
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A has been launched to support the campaign
As Valentine鈥檚 Day approaches, anyone who has turned the love for their hobby into a side hustle is being encouraged to 鈥榩ut a ring on it鈥� and make it official.
Whether it鈥檚 making extra income from activities such as online content creation, dog walking, or making handcrafted items to sell, HMRC has launched a new Help for Hustles campaign to assist people in understanding if they need to declare their earnings.
Anyone generating more than 拢1,000 from their side hustle should check their tax obligations using HMRC鈥檚 new easy-to-use guide at .
Angela MacDonald, HMRC鈥檚 Second Permanent Secretary and Deputy Chief Executive Officer, said:
We know many people are turning their hobbies and interests into successful businesses and we鈥檙e here to help them understand their tax obligations.
Nobody wants an unexpected tax bill, so anyone with a side hustle should check HMRC鈥檚 straightforward guide and make sure they鈥檙e getting their tax right.
The new guide covers five key areas to help people understand any tax obligations:
- I鈥檓 buying or making things to sell
- I鈥檝e got a side gig
- I work for myself doing multiple jobs
- I鈥檓 a content creator or influencer
- I rent out my property
If someone has earned more than 拢1,000 from their side hustle in a tax year, they may need to complete a Self Assessment tax return. Customers can on 188体育.
This only applies to people who are trading or selling services. If someone is simply clearing out their unwanted items and putting them up for sale, they will not need to pay tax.
Undeclared income of more than 拢1,000 from side hustles form part of the hidden economy. HMRC is committed to reducing the tax gap, of which the hidden economy accounted for about 拢2.2 billion in the 2022 to 2023 tax year.
Further information
HMRC鈥檚 鈥楬elp for Hustles鈥� campaign runs until 31 March 2025.
According to insight commissioned by HMRC and published in 2023, one in 10 people in the UK are operating in the hidden economy with 65% of these individuals most likely operating side hustles and largely unaware that they should be registered for tax.