'I'm a money expert – how your easy side-hustle could end up costing you thousands and how to avoid it'
runs from April 6 to April 5 of the following year, and the deadline to pay is the following January 31.in your home, you can earn £7,500 in a tax year before you need to tell HMRC.
Equally if you rent anything else, such as a van or your garage, you need to pay tax once you’ve made over £1,000.Enzo says: “You can sell £6,000 worth of personal possessions – things you did not buy with the intention of selling – a year without declaring it to HMRC.”He said: “The most common mistake we see is customers not including their employment income on their self-assessment tax return.
The tax you could owe will depend on how much you earned and any allowances, plus there may be fines and interest applied depending on if you tell the taxman on time... says Enzo. "People also forget that they need to pay for their student loan if their side hustle income is above a certain amount.”you’re in for your main job, so most people will pay 20% at the basic rate tax on a side hustle
Note that you can’t claim both these allowances - it's £1,000 for income from either trading or property.
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