Tax Question Employed + Earning on the Side

TMinside · 22 February 2018 at 12:07AM

Hi all,

So I had a quick question regarding Tax as I'm not to sure of the ins and outs...

I am currently full time employed paying National Insurance + Tax on my wage each month. My question is do I need to declare to the tax man if I am earning money on the side? It will be around £1000-£1500 per annum.

Thanks for any advice.

TheCyclingProgrammer · 22 February 2018 at 12:13AM

There!!!8217;s a new £1000 trading allowance but if your side earnings are above this then yes, you do need to declare it. At that level I believe HMRC should be able to adjust your tax code rather than require a return but you!!!8217;d need to ring them and find out.

TMinside · 22 February 2018 at 9:34AM

TheCyclingProgrammer wrote: »

There!!!8217;s a new £1000 trading allowance but if your side earnings are above this then yes, you do need to declare it. At that level I believe HMRC should be able to adjust your tax code rather than require a return but you!!!8217;d need to ring them and find out.

Thanks for confirming. Is anyone else able to back this up? I presume I won't have to call them unless I go over the £1000 threshold.

chrisbur · 22 February 2018 at 10:20AM

https://www.accountancyage.com/2017/10/09/new-trading-allowance-simplicity-not-know/

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Tax Question Employed + Earning on the Side

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