As side hustles gain popularity amid rising living costs, many individuals are turning to supplementary income sources. Starting January 2025, HMRC will enforce stricter measures to ensure compliance with tax obligations for earnings through platforms like Etsy, eBay, and Airbnb. These marketplaces must share data for users earning over £1,700 or completing over 30 transactions, aiding HMRC in identifying potential tax liabilities. Experts emphasize the importance of reporting income from side hustles that surpass £1,000 in a tax year to meet HMRC requirements.
HMRC is cracking down on non-payment of tax for side hustles, requiring online marketplaces to share sales data for users exceeding £1,700 earned or 30 transactions.
Tom Biggs states that whether you owe tax on side hustle income depends on how much you earn, with over £1,000 requiring a self-assessment.
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