So the existing rules are still in place: if a person’s total income from trading or providing services online was less than £1,000 before deducting expenses in any tax year, they will not be required to inform HMRC of their side hustle income and won’t pay any tax on the profits. However, if a small business owner were to earn over this threshold, it’s likely that they would need to complete a tax return. If unsure, it is worth speaking to a solicitor or qualified professional for advice.
