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Who needs to complete a Self Assessment tax return?

Earning extra money selling your wares on eBay, or craft fairs and car boot sales are great ways to earn some extra income. But what would the taxman say if he knew that you haven’t declared your extra earning?

when do you need to start doing tax returnsA lot of mumpreneurs and stay-at-home mums who are making money doing a little bit of this and selling a little bit of that are often shocked on hearing that they need to let the taxman know about their extra income. And this is something that needs to be done within three months of using a regular route to earning extra money – even if it amounts to a very small amount every year.

The fact is, it’s not always about paying tax – you could end up getting some money back on allowable expenses, but you won’t if you’re not declaring the income in the first place! If you know what to do (and you can use accounting software to help if you’re not sure), you won’t be left out of pocket.