Overview

• HMRC advises anyone earning more than £1,000 from side activities such as selling crafts, digital content or property rentals to register for Self Assessment for the 2024–25 tax year.
• Taxpayers have until January 31, 2026 to submit their online Self Assessment returns and pay any liabilities for the current tax year.
• Under the trading allowance, the first £1,000 of extra income is tax-free but any earnings beyond that threshold must be declared and may incur tax charges.
• Platforms including eBay, Vinted and Etsy are required to provide HMRC with transaction data if users list at least 30 items or exceed €2,000 in sales.
• The government intends to raise the income threshold for Self Assessment to £3,000 by 2029 and introduce a streamlined digital form for earnings below that level.