Prompt: Make a video about how to read your tax code letter from HMRC using these points: We’d like to then show an HMRC letter (we have an image of one from this year if helpful) and highlight/zoom in on the tax code and then write out exactly what the numbers and letter refers to Eg.
IF you earned more than £1,000 in the last tax year from your side hustles, you need to register for self-assessment.is something you do to earn extra income, such as selling things online, doing freelance work alongside your normal job, or makingHow much you earn is important. If you make less than £1000 in a tax year from your hustle, it doesn’t count as taxable income, and you don’t have to declare it.
The deadline for registering is October 5. There’s no penalty for registering after this, but if you haven’t signed up, filed your tax return, and paid your bill by January 31 you will be fined. I was FINED £500 for leaving an Ikea cabinet outside my home for someone to take for free - I was shaking and panicking
If you miss the deadline for filing, you face an immediate £100 fine. If your return is more than three months late, you’ll then have to pay an additional £10 a day for a maximum of 90 days.
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