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HMRC target “side hustles” from January 2024

Sasha Owen
Tax

New HMRC rules come into force in January 2024 which mean that bank account details will be shared with HM Revenue and Customs.

In a global clampdown on tax evasion, digital platforms will be ordered to give HMRC users’ information. This will impact everyone from sellers on online marketplaces, content providers, on line models, holiday rental income, delivery drivers, freelancers and many more

If you have sales of over £1,000 per year from a side business ( side hustles) you need to register for Self-assessment with HMRC and we can help you do this

Then if you have earned money and have failed to declare it then you really need to do this as soon as possible . That way you have a better chance of paying lower penalties. If HMRC discovers undeclared income through an investigation, you will be hit with higher penalties and fees.

Talk to us now if you could be affected and we can get you ahead of any possible tax investigation

chartered accountant, HMRC, HMRC Voluntary Disclosure, late notification to HMRC, self employed, tax penalties

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Sasha Owen
Sasha Owen BSc FCA qualified as a Chartered Accountant in 1983 and has been in practice as an accountant since 1987. If you think Sasha has the conventional image of an accountant then you couldn’t be further from reality. Sasha is a Reiki Master, loves the arts, music and theatre; having been on stage herself and worked backstage she really does have a deep understanding and love for the arts and alternative therapy world.

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