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May 3, 2024 · We’ve created this guide to help you identify when you might have to pay tax on your money making schemes and side hustles, how much you might have to pay and when you might have to pay it. Unfortunately, it can’t cover every eventuality, and if you’re ever in doubt, it’s recommended that you get in touch with your local tax office, or ...
- Overview
- Running a business
- Selling goods or services
- Registering as self-employed
- Other ways to work for yourself
- Get help with your business
If you start working for yourself, you’re classed as a sole trader. This means you’re self-employed - even if you have not yet told HM Revenue and Customs (HMRC).
This guide is also available in Welsh (Cymraeg).
You’re probably self-employed if you:
•run your business for yourself and take responsibility for its success or failure
•have several customers at the same time
•can decide how, where and when you do your work
•can hire other people at your own expense to help you or to do the work for you
•provide the main items of equipment to do your work
You could be classed as a trader if you sell goods or services. If you’re trading, you’re self-employed.
You’re likely to be trading if you:
•sell regularly to make a profit
•make items to sell for profit
•sell items on a regular basis, either online, at car boot sales or through classified adverts
•earn commission from selling goods for other people
If you’re self-employed, you may need to set up as a sole trader.
There are other business structures apart from being a sole trader. For example, you can:
•become a partner in a business partnership
You can get help with setting up or growing your business, for example with funding your idea.
You can either claim tax relief on: £6 a week. the exact amount you’ve spent. You’ll get tax relief based on the rate at which you pay tax. Example. If you pay the 20% basic rate of tax and...
Jul 19, 2024 · Websites including Vinted, eBay and Airbnb now tell HMRC how much their customers are making – but does that mean you need to fill in a self-assessment tax return on your side hustle? Here’s how it all works and whether you have to pay tax.
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May 31, 2024 · There are plenty of decent ways to make money online from the comfort of your own home. Brits earn around £5,000 a year from doing jobs away from their main income! But, you could even earn a full time income from online work.
