HMRC’s Game-Changing Rules for Side Hustles

Understanding the New Tax Rules for Side Hustle Income: A Comprehensive Guide In this detailed video, Mitch Hahn, CEO of Nordens Chartered Accountants, addresses the upcoming changes to tax regulations that will affect individuals with side hustle income.

As we approach the new financial year, it's crucial to be aware of these changes, which come into effect on 1st January 2024. Mitch provides an in-depth look at the requirement for platforms such as Airbnb, Etsy, and Uber to report user earnings to HMRC.

The potential consequences of failing to report side income, including penalties and fines. HMRC's investment of £39.9 million into a specialist team tasked with identifying discrepancies in reported income. Mitch also discusses how Nordens can assist you in navigating these new regulations.

The firm offers expert advice and support to help you remain compliant, avoid penalties, and understand your tax obligations. The video is not just an alert about upcoming changes; it's a resource for side hustlers to understand the implications of these changes on their finances and to learn how to prepare for them.

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