Get your side hustle tax right
· WOWERI
HMRC is reminding people earning money from side hustles to check if they need to register for Self Assessment and declare their income. This is important to avoid penalties and financial issues.
What to do
- Check if you need to register for Self Assessment on the GOV.UK website.
- If you need to register, create an account on the GOV.UK website and follow the instructions.
Get your side hustle tax right
HMRC is reminding people earning money from side hustles to check if they need to register for Self Assessment and declare their income. This is important to avoid penalties and financial issues.
How to register for Self Assessment
To register for Self Assessment, follow these steps:
- Check if you need to register for Self Assessment on the GOV.UK website.
- If you need to register, create an account on the GOV.UK website and follow the instructions.
Why it's important to declare income from side hustles
Declaring income from side hustles is important to avoid penalties and financial issues. If you don't declare your income, you may face penalties and financial sanctions.
What to do next
Source: gov.uk