Do you have a secondary income that is not taxed through PAYE?

Are you making more than £1,000 a year from your side hustle?

If the answer to the above is YES, then the chances are that you need to register with HMRC to file a self assessment tax return.

There are strict penalties payable for not declaring any taxable income each year to HMRC.

Each year for the period from 6th April to the 5th April you need to declare all of your sources of income and pay any tax that is due by the 31st January following.

It is easy to register at HMRC, just follow this link and go through the registration process https://www.gov.uk/register-for-self-assessment

Once you have registered online, you will be sent a Unique Taxpayer Reference (UTR) which will be your 10 digit personal tax reference number. This is required to be able to file your self assessment.

You are able to complete your self assessment tax return online on the HMRC website or you could use a company like filemyselfassessment who have made it so easy. Just provide your information via an online form and leave the rest to them to fill in your tax return and file it for you.

Note that you can claim up to £1,000 in total against your side hustle income, even if you have no expenses at all. This will help reduce your tax payable.

If you do have expenses the make sure that you keep all of your receipts as you might need to evidence these if ever requested by HMRC.

Don’t delay, register today