BOSS: 31 January
Lesson 12 of 12 in our free Side Hustles & Self-employment guide: a 5-minute money game with the key points below.
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Questions you'll answer
Mo has lost some receipts for stock. Best move to rebuild his records?
Final boss maths: Mo's tutoring income is £8,400, expenses £2,100. He has a PAYE job that already uses his Personal Allowance, so ALL profit is taxed at 20%. Income tax on the hustle?
Quick facts
- Red flag: “Your Self Assessment payment is overdue.” — It's 30 January and the deadline is 31 January, so nothing is overdue yet. A false 'overdue' is the hook.
- Red flag: “Pay within 2 hours or face arrest.” — Threats and silly deadlines. HMRC doesn't threaten arrest by text.
- Red flag: “Click here for a 30% early payment discount: hmrc-pay-now.co” — Fake link and a made-up discount. Pay via gov.uk or the HMRC app only.
- Red flag: “Reply with your card number to confirm.” — No real organisation asks for your card number by text.
- Fact: “If you can't pay your full bill by 31 January, you should still file on time.” — Filing on time avoids the £100 penalty. You can contact HMRC about a payment plan for the tax.
- Fact: “HMRC may agree a payment plan if you can't pay in one go.” — Time to Pay arrangements exist — get in touch early.
- Myth: “Mixing a PAYE job and a side hustle means you can skip Self Assessment.” — PAYE covers the job. Hustle income over £1,000 still needs a return.