HMRC launch trading income campaign

‘Take the hassle out of your side hustle’ say HMRC launching their new campaign to provide greater clarity around the tax treatment where individuals have more than one source of trading income. HMRC have also issued a themed press release aimed directly at individual taxpayers with a link through to the main campaign pages (which perhaps most importantly link through to HMRC’s ‘check if you need to tell HMRC about additional income’ online service).

HMRC’s guidance for individuals who sell goods or services via online platforms has also been refreshed. This is part of HMRC’s renewed efforts to improve awareness around reporting trading income particularly where an individual has a main trade and earns income from other trading activity on the side. The guidance emphasises that if total trading income exceeds the £1 000 annual trading allowance for the tax year in question the...