Side hustle tax: Do you owe HMRC money?

HMRC is urging side hustlers to check if they need to file a self assessment tax return

person looking at letter
(Image credit: Getty Images/coldsnowstorm)

People earning extra income outside of their regular job – known as a ‘side hustle’ – are being urged to understand their tax obligations ahead of the January rush.

With inflation remaining high, many people may be looking for ways to earn additional income streams such as from selling items online, dog walking or renting out a room or even from more risky crypto trading.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Marc Shoffman
Contributing editor

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and the i newspaper. He also co-presents the In For A Penny financial planning podcast.