Richard Curtis reminds those with secondary sources of online income that they may be subject to tax or National Insurance contributions liabilities.
Although it was originally recorded in use in the 1900s, the expression ‘side hustle’ has been increasingly used in the present century. Various definitions can be found, but generally this will be along the lines of an activity carried out for income to supplement that received from a main source.
One of the most popular means of generating additional income is by selling goods or services online through marketplaces such as eBay, Amazon, Etsy and others. Assuming their sales efforts are successful, an individual must then consider whether the income generated is subject to tax. This could potentially be income tax, capital gains tax (CGT) and if the £90,000 registration threshold for all sources is exceeded, value added tax (VAT).
