A new tax crackdown will come into force on January 1
From January 1, 2024, the Government department has instructed popular "side hustle" platforms such as Airbnb, Uber, and Etsy to record how much money people are making through them and report it to the tax office. The move is part of a wider crackdown on tax avoidance from people boosting their income through working additional jobs, freelancing and self-employment.
If you make more than £1,000 alongside your regular job in the tax year then you need to register yourself as self-employed and report your income to HMRC. You then have to pay tax on this income. HMRC will soon be able to spot discrepancies between the information provided by a digital platform and the individual, giving them grounds to launch an investigation. Almost £37m will be invested in this initiative, with 24 full-time staff employed to launch and enforce these measures, which aim to "bear down on detect and tackle tax evasion", the Mirror reports.
There are different ways to register depending on your circumstance and you can find out if you need to on the Gov.uk website through its questionnaire here.
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