By Karl Matchett

Copyright independent

Another reminder that 5 October is fast approaching – and that’s the deadline to register for self assessment if you have a side hustle and your income from it is beyond £1000.

To put that in perspective if you’re on Vinted, eBay and anywhere else – that’s only an average of £20 a week means you surpass that threshold.

Kate Steere, money expert at Finder, said: “Side hustles are becoming increasingly popular as household budgets are squeezed by inflation, but many people don’t realise they could be liable for tax even if they’re earning a relatively small amount on the side each month. All it takes is earning more than £80 a month, and you’ve exceeded the £1,000 yearly limit.

“If you’re in this boat, while you don’t need to submit your tax return until the end of January, you do need to register for Self Assessment before 5 October.

“Miss this, and you could face a failure-to-notify penalty. While you’re at it, why not give your future self a break by opening a dedicated business account? Separating your personal finances from your side hustle income will make the whole process that much smoother when it comes to filing your tax return.”