A tax change comes into effect from January 1, 2024
Millions of UK citizens who earn extra cash through a 'side hustle' are being warned of a major change to tax rules. HMRC recently announced a crackdown on tax avoiders that comes into effect from January 1, 2024.
It means that HMRC will soon be able to check for any discrepancies which, if spotted, will give the tax office grounds to launch an investigation. Workers who are already declaring any extra income earned from other platforms correctly will not be affected by the new reporting rules. Money.co.uk business loans expert Cameron Jaques has cautioned those who have a side hustle to make sure they’re paying the right amount of tax ahead of the crackdown in January.
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