With the increased cost of living, more people than ever are looking at ways to gain additional income streams, including setting up side hustles.
It is estimated that over a third of people in the UK may have a side hustle on the go. The income generated this way may be used to top up a wage, or even to provide a source of funding for a bigger starter business opportunity.
Tax
Previously, all income had to be declared to HMRC. However, there are over 300,000 people who will no longer be expected to file self-assessment tax returns, including those who make a small income from a side hustle.
There will be an increase in the reporting threshold for Income Tax Self Assessment, from £1,000 to £3,000. This will mean that there will be approximately 90,000 people who have no need to pay tax or even report their trading income to HMRC.
This may include workers with side hustles such as dog walking, online content creation, gardening, taxi driving, and many more.
Accountants
If you are looking for tax advice or assistance, specialists such as Stroud accountants www.randall-payne.co.uk/services/accountancy/stroud-accountants/ can help.
Whether you have a side hustle, you are a sole trader, or you have a larger-scale organisation, a specialist accountant can ensure that all of your tax needs are met, leaving you free to deal with the day-to-day running of your business.
From fulfilling your obligations to HMRC to basic bookkeeping and auditing, tax does not have to be daunting.