{"id":6465,"date":"2025-07-08T09:39:03","date_gmt":"2025-07-08T08:39:03","guid":{"rendered":"https:\/\/www.bainesjewitt.co.uk\/blog\/?p=6465"},"modified":"2025-07-08T08:39:05","modified_gmt":"2025-07-08T08:39:05","slug":"earn-extra-income-hmrc-urges-you-to-file-your-tax-return-early","status":"publish","type":"post","link":"https:\/\/www.bainesjewitt.co.uk\/blog\/earn-extra-income-hmrc-urges-you-to-file-your-tax-return-early\/","title":{"rendered":"Earn extra income? HMRC urges you to file your tax return early"},"content":{"rendered":"<p>If you have made more than \u00a31,000 from a side hustle last year, you might need to tell HM Revenue &amp; Customs (HMRC), and the earlier you do it, the better.<\/p>\n<p><!--more--><\/p>\n<p>HMRC is now urging people with extra income to check if they need to register for Self-Assessment and file a tax return. That includes people making money from things like:<\/p>\n<ul>\n<li>Selling crafts or second-hand clothes online<\/li>\n<li>Renting out a room or a property<\/li>\n<li>Creating content on YouTube, TikTok or Instagram<\/li>\n<li>Dog walking, tutoring or freelancing<\/li>\n<li>Buying and selling crypto<\/li>\n<\/ul>\n<p>A lot of people do not realise they have crossed the \u00a31,000 mark, but if you have, it is your responsibility to register and get your tax sorted.<\/p>\n<h3><strong>The benefits of getting ahead of the January Self-Assessment deadline<\/strong><\/h3>\n<p>Most people leave it until the last minute, then panic when they realise they owe more tax than they thought.<\/p>\n<p>If you file now, you:<\/p>\n<ul>\n<li>Find out what you owe nice and early<\/li>\n<li>Have until 31 January 2026 to pay it, giving you time to save or budget<\/li>\n<li>Avoid the rush when everyone else is scrambling to file<\/li>\n<\/ul>\n<p>It is all about making life easier for yourself.<\/p>\n<h3><strong>Is this just for side hustles?<\/strong><\/h3>\n<p>No, it also includes landlords, people earning from crypto, and anyone else making extra income outside of PAYE.<\/p>\n<p>If your income is over \u00a350,000 as a sole trader or landlord, you will also need to get ready for Making Tax Digital (MTD) from 2026.<\/p>\n<p>That means using accounting software and sending updates to HMRC four times a year, not just once.<\/p>\n<p><strong>If you are not sure whether this applies to you or if you just want to get it off your to-do list, speak to our team today for professional guidance. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you have made more than \u00a31,000 from a side hustle last year, you might need to tell HM Revenue &amp; Customs (HMRC), and the earlier you do it, the better.<\/p>\n","protected":false},"author":2,"featured_media":6468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,125],"tags":[],"_links":{"self":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/6465"}],"collection":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=6465"}],"version-history":[{"count":1,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/6465\/revisions"}],"predecessor-version":[{"id":6466,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/posts\/6465\/revisions\/6466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media\/6468"}],"wp:attachment":[{"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=6465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=6465"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bainesjewitt.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=6465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}