Woman makes $19,000 thanks to party side hustle
The HMRC is warning anyone making more than £1,000 a year from side hustles, ranging from selling online to dog walking and even babysitting that they will need to fill in a tax return.
A new online guide has been published to help people understand when they need to fill in a self-assessment tax return.
The document also warns that anyone raking in more than £6,000 from the sale of a single item, such as a painting or piece of jewellery, could be liable to pay Capital Gains Tax on their profits.
New income disclosure rules introduced by the government cover a vast range of side hustles from selling through online auction sites to taxi or delivery driving, creating online content as a social media influencer, and renting out rooms on Airbnb.
It also brings in simple everyday tasks such as babysitting services offered by youngsters to gardening, dog walking …