Check if you need to tell HMRC about additional income
27 October 2020
HMRC has launched new interactive guidance on GOV.UK which allows users to establish if they are required to tell HMRC about any extra income they receive that could be in addition to their main PAYE income.
Within the guidance, users are asked a series of questions about their income and depending on the answers to those questions, will then be directed to the relevant next steps, for example, if they need to complete a Self-Assessment tax return, the user will be directed to the relevant page on GOV.UK.
The guidance is intended for use by those who receive a ‘casual’ income, whether that be online or in person, and do not know that they may need to declare it, or possibly pay tax on it. It is hoped that it will help them understand what they need to do to be tax compliant and how they can action that.
The new guidance can be found here and covers people earning non-PAYE income that includes things like:
- Selling things, for example at car boot sales or auctions, or online
- Doing casual jobs such as gardening, food delivery or babysitting
- Charging other people for using your equipment or tools
- Renting out property or part of your home, including for holidays (for example, through an agency or online).
Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.