Side Hustles - Minimising the Tax

This PDF Special Report covers the tax implications of making money in addition to your main source of income. Commonly known as a “side hustle”, extra income can come from a range of sources, from selling goods on eBay to letting out part of your home. You will need to consider the tax, and potentially NI, for all these activities. In this Special Report we cover the key points for you so you will know exactly where you stand.

It’s no secret that the last five years have been turbulent, with global events having a significant impact on household budgets. Inflation may have returned to normal levels, but prices won’t fall - they’re just increasing at a lower rate. Many people have decided to find ways of increasing funds as a result, perhaps taking a second job or starting a small business, letting rooms to lodgers or short-term occupiers, or cashing in investments. The media made a big fuss, saying that HMRC would be out to get people selling things on the electronic market, after new information sharing legislation was passed. However, much of the reporting is misinformed. This Special Report covers the most common ways of raising extra cash, and explains the tax consequences (where any apply) concisely.

This Special Report covers in detail:

• Myth busting on what is taxable and what isn’t
• Whether the side hustle is a self-employment
• If capital gains tax is due
• Avoiding problems with second jobs
• Letting space in your home
• Correctly treating the disposal of cryptoassets

We've created this Special Report especially for everyone who makes money from secondary incomes that wants to:

• Minimise the amount of tax payable
• Find out what is taxable
• Make money by letting space in their home