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We've scoured the web to get you the most up-to-date advice which includes the most useful tools on offer from the officials themselves.

Effective tax planning is essential if you are to minimise your tax bills. Simple tax planning can significantly reduce your tax liabilities.

The self-assessment tax return is an unavoidable burden if you are liable for self-employed tax or have complicated income tax affairs.

Corporation tax is charged on a company's profits. If you trade as a limited company, ensure that paying this tax is as painless as possible.

National Insurance Contributions (NICs) are payable whether you are self-employed or employed by your own company, although different rates apply.

As well as your legal obligations, you’ll want to ensure that payroll is painless and that you use any opportunities to improve your tax-efficiency.

VAT

Effective VAT planning aims to ensure that VAT is relatively painless, and that you are reclaiming as much as possible of the VAT you pay.

Capital gains are made when you sell something for more money than you paid for it. As a result, you can be subject to tax. Take professional advice.

Business property taxes apply to businesses with commercial premises.There are two commercial property taxes: business rates and stamp duty land tax.

If you have tax problems or face a tax investigation, it pays to seek professional advice and you must act rather than just hoping for the best.

Side hustlers urged to get tax returns sorted now

25 June 2025

HMRC is urging anyone earning extra income through a side hustle to check if they need to register for self assessment – and if so, file their tax return now.

HM Revenue and Customs (HMRC) is encouraging those with additional income streams – from online selling and content creation to dog walking and property rental – to understand their tax obligations and get ahead of the January deadline rush.

The £1,000 threshold is key: anyone who earns more than this from their side hustle in a tax year may need to register for self assessment and complete a tax return. This includes gains or income received from cryptoassets.

Anyone who thinks they may need to complete a tax return for the 2024 to 2025 tax year can use the checker tool on GOV.UK to find out. New entrants to self assessment must register to receive their Unique Taxpayer Reference.

Easy-to-use guides for side hustlers can be found on the GOV.UK website.

Myrtle Lloyd, HMRC's Director General for Customer Services, said: "Whether you are selling handmade crafts online, creating digital content, or renting out property, understanding your tax obligations is essential. If you earn more than £1,000 from these activities, you may need to complete a self assessment tax return.

"Filing early puts you in control – you will know exactly what you owe, can plan your payments, and avoid the stress of the January rush. You don't need to pay immediately when you file – you have until 31 January to settle your tax bill."

The deadline to submit a self assessment tax return online and pay any tax owed for the 2024 to 2025 tax year is 31 January 2026. Early preparation is particularly important for sole traders or landlords with a qualifying income over £50,000, as they will also need to get ready to start using Making Tax Digital (MTD) for Income Tax from April 2026. This will require digital record-keeping and quarterly updates using compatible software.

Visit GOV.UK to find out more about self assessment and how to file a tax return.

Issued by HM Revenue & Customs Press Office

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