And it’s easy to assume that, as these jobs, one-off freelance projects or micro businesses aren’t our main income, we don’t need to declare them to HMRC. Or they’re so small that it doesn’t matter – we’ll never get caught. But you’re wrong, as accountant Rebecca...
Note:The trading allowance is for income, not profit - if you get paid more than £1,000, you’ll have to declare it, even if your actual profit is lower. It’s a good idea to keep records on your side hustle, even if you don’t expect to earn over £1,000 - you don’t...
many people assume that this falls under basic personal allowance rules, and don’t register these earnings with the government. But even if you’ve earned well below the limits of a personal allowance, you are still obligated to declare those earnings. ...
HMRC will have no choice but to become more intrusive. And what we will see is a greater obligation of a tax payer to explain the amount of money they receive, rather than to declare income. With an increased liability in respect of repaying the debt, I think that HMRC will probably ge...