HMRC has issued a reminder to anyone earning extra income this festive season to check if they owe tax, warning that not all side hustle cash can be kept. The warning highlights the £1,000 Trading Allowance , which determines when supplemental income must be declared to the tax office. Failure to comply could lead to significant financial penalties and legal action to recover the owed amount.

Side Hustle Income Tax: HMRC has reminded anyone earning extra cash from a side hustle over the festive season that they might need to declare this income. Around 39% of Brits now run a side hustle alongside their main job, generating an additional source of income.

The Trading Allowance Threshold: The key rule to follow is the £1,000 Trading Allowance , which sets the cap for non-declared incom

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