There has been a lot of confusion online about ‘side-hustle’ tax.
Money Saving Expert Martin Lewis, accidentally overcomplicated the rules and then tried to correct himself by oversimplifying them.
You will need to register for tax if your side-hustle amounts to running a business or trade and you are making a profit. This article from Ross Martin, one of our technical resources – explains what that means.
In this article: Clarifying the rules on side-hustle tax. Do I need to pay tax on my side-hustle income? Is a side-hustle taxable? Is there a new side-hustle tax? Do I need to register for tax when I sell on eBay, Vinted or Etsy etc?
Adding our own thoughts to YogaTax clients, there are very few situations when Yoga Teaching isn’t taxable. Maybe teaching a few friends occasionally for a nominal fee (maybe); just about everything else, including teaching for donation, would be taxable. There is a £1,000 threshold where you do not need to declare.