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You might not know what a silent disco operator is – and frankly, nor do we.
But we do know that we have someone earning self-employed income in this role. And they’re a loyal user of TaxScouts.
In fact, when we looked at our most recent summary of customers, we found a lot of side gigs that surprised us. More than anything, the diversity of business descriptions was huge:
If there’s one thing we believe, it’s that all side gigs are valid. After all, if you have to pay tax on your income from them, who’s to say that some are more valid than others? Whether you work the local silent disco or you’re a locum medic, tax works in the same way.
When it comes to side gigs, you can earn up to £1000 tax-free per year via the Trading Allowance. Anything above that, you pay the standard rates of Income Tax and National Insurance.
If you’re full-time self-employed, the tax-free allowance is known as your Personal Allowance. It’s up to £12,500 per year. Check out the 2020/21 Income Tax rates:
|Up to £12,570||0%||Personal allowance|
|£12,571 to £50,270||20%||Basic rate|
|£50,271 to £150,000||40%||Higher rate|
|over £150,000||45%||Additional rate|
Read more about Income Tax here.
Here’s a cross section of all of our users, past and present. So, if you’re ever wondering, is TaxScouts for me? The answer is yes, of course.
We’re here for absolutely anyone who needs to do a tax return.