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Tax return for side hustle

3 replies

Eggsbaconsausage · 02/05/2025 17:07

I have a PAYE job where I earn approx £30k per year and last financial year I started an additional freelance side hustle where I earned approx £5k.
I really struggle with filling out forms. How complicated is filling out a self assessment tax return? What do I need to submit and how long should it take me to fill out? I'm hoping it should be quite straightforward as I only have 5 invoices from my freelance work, but if anyone has done similar and has any tips please let me know.

OP posts:
Blackcordoroys · 02/05/2025 17:12

This is exactly my situation. It is really very easy, just have a list of how much you earned form your side job. That’s literally all you need

the bonus if you need to pay less than £3k tax is you can pay it through PAYE in your main job (they will change your tax code and take more each month). I love this as I don’t need to set aside 40% of my side earnings for tax

EssexCat · 02/05/2025 17:17

Mine isn’t technically a side hustle. My PAYE job is much smaller than my self employed role so that’s my side hustle!

But either way it’s easy to do a tax return at that level. You do it all online and at your level will just need to state turnover/revenue and costs. The difference is your profit which is what is taxed.

confusedlots · 02/05/2025 17:19

It’s really not difficult. I had to start doing it for the rental income I get when I started to rent out my old house, and was dreading it, but just get all your info together and sit down and it’s straightforward. And don’t wait until the deadline of January the following year to submit it, get it all done once the tax year ends in April and you’ll feel great for having it done!

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