HMRC LAUNCHES CRACKDOWN ON SIDE HUSTLES

The beginning of 2024 sees the start of new rules requiring websites such as Vinted, Etsy, Upwork, Uber, Fiverr, Airbnb, Deliveroo & Ebay to record how much money people are making through them and report it to HMRC. The new rules for these platforms are part of a wider crackdown on tax avoidance from people boosting their income through working side hustles, freelancing and self-employment.

In the UK, you can earn £1,000 in additional income each tax year alongside your regular job – known as your Trading Allowance. If you make more than this, then you will need to register yourself as self-employed and pay tax on these earnings.

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