Class 2 NI calculation error

Class 2 NI calculation error

From the 2024-25 tax year, self-employed individuals with profits in excess of £6,725 no longer need to pay Class 2 national insurance contributions (NIC). Instead those taxpayers will receive a national insurance credit to secure their access to contributory benefits...
Streamlined tax rules for online traders

Streamlined tax rules for online traders

The Government has announced a significant change in tax regulations for individuals with side hustles. This change is expected to benefit around 300,000 taxpayers, with an estimated 90,000 no longer needing to report their trading income to HMRC.  From 2029, the...
Side-hustle reporting threshold increased

Side-hustle reporting threshold increased

The Government has announced plans to increase the threshold above which income from self-employment must be reported via self assessment. Currently, if you earn over £1,000 from self-employment, or a so-called ‘side hustle’ such as babysitting or dog...
High-income child benefit charge via PAYE

High-income child benefit charge via PAYE

From August 2025 employed taxpayers will no longer be required to complete a self assessment tax return (SATR) to declare and pay the high-income child benefit charge (HICBC). The HICBC is a tax charge paid by the higher earning parent which claws back up to 100% of...
Side hustle traders now have ‘nowhere to hide’ warns expert

Side hustle traders now have ‘nowhere to hide’ warns expert

Individuals using online selling platforms as ‘side hustles’ to boost their income or make a living are being warned of an HMRC crackdown due to come into force soon. Websites such as Vinted, eBay and Airbnb had until the end of last month to tell HMRC about how much...