Second Income Tax Explained UK (Side Hustle) | Trading & Property Allowance Explained
Channel: Financial Madness
Date: 2022-09-25

Second Income Tax Explained UK | Do You Pay Taxes On Side Hustles (Airbnb, Property, YouTube Zumba, Driveway etc.) 

Over the past year or so, my partner and I have been focusing on bringing in and growing our side hustle income to earn that little bit of extra cash. And I am quite proud of how things are turning out. 
At present, our side hustle gigs include renting out a room on Airbnb, renting out our driveway, income from this Youtube Channel, and income from teaching Zumba, 
So as you can see, we have quite a few things going on, and this is all managed while still having a day job. 

But one question we kept asking ourselves was what should we do with this Income from a Tax perspective? Do we have to declare this Side Hustle Income to HMRC? How do we declare Side Hustle Income?

Focusing on the following Tax Allowances:
- Trading Allowance Explained
- Property Allowance Explained
- Rent A Room Scheme Explained

Chapter Information (Second Income Tax Explained UK):
0:00 Introduction
1:28 Do you need to declare your Side Hustle Income?
2:17 Trading Allowance Explained
4:19 Property Allowance Explained
7:31 Self Assessment Tax Returns

🔹 Personal Allowance and Income Bands: https://www.gov.uk/income-tax-rates

🔹 Trading Allowance and Property Allowance: https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income

🔹Rent a Room Scheme: https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

🔹Self Assessment Tax Returns: https://www.gov.uk/self-assessment-tax-returns#:~:text=Self%20Assessment%20is%20a%20system,it%20in%20a%20tax%20return
.
🔹Register for Self Assessment: https://www.gov.uk/register-for-self-assessment

DISCLAIMER: Any advice or statements perceived to be advice given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice. 
You are fully responsible for your financial decisions. If you are in need of any Financial Advice, please seek out a professional advisor. If you are unsure of how to do this, please feel free to reach out to me and I am more than happy to guide you.

#sidehustle #tax #secondincome