Tag: Trading allowance
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How the UK £1,000 trading allowance works (2026/27)
The trading allowance lets individuals earn up to £1,000 of trading or casual income per tax year without paying income tax or national insurance, and without needing to register for self assessment.
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Tax-free allowances and frozen tax thresholds
Using tax free allowances can help you structure your finances to reduce your tax liability, which is especially important given the frozen tax thresholds are increasing our effective tax rates.
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Do I need to pay tax on my side hustle?
Taxing your side hustle income With HMRC extending its tax-grabbing tentacles, it’s essential to know when income from a side hustle becomes taxable. You may need to pay tax on your side hustle if your combined taxable income exceeds the annual tax-free personal allowance of £12,570. For most people, taxable income consists of their salary,…
