Blog

Tax On Selling Clothes: What You Need To Know

19th March 2024

Have you seen the news about the new HMRC tax on selling clothes online? Entrepreneurs across the UK are facing a new “side hustle tax” where anyone who earns over £1,000 in extra income per year becomes liable for taxes — even if you are only £1 over the threshold.

While this ruling will not affect all online sellers, plenty more will need to complete UK tax returns before 2025. Don’t get caught out if you use these websites! Keep reading to see the common FAQs about this new system.

WARNING: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Multi Month Loans

How much would you like to borrow:

£200

£750

How long would you like it for?

3 months

6 months

Your monthly repayments are:

Total amount to be repaid:

Annual percentage rate:

New Customer

Representative Example: £200 loan for 6 months at a fixed interest rate of 290% pa. Total amount payable is £355.99 in monthly instalments of £65.11, £78.35, £64.05, £58.76, £48.16 and £41.56. This is based on the amount of credit plus interest, no other fees apply. Representative 1266.2% APR

It is better in the mobile app

Blog

Tax On Selling Clothes: What You Need To Know

How much would you like to borrow:

Your monthly repayments are:

Recent posts

How to Prepare for Redundancy in 2024

7 Frugal Living Tips to Help Stretch Your Money Further

How to Save Money Quickly

Understanding Lifestyle Creep and How to Avoid It

Complete Guide To A No Spend Year

What is Car Finance? Understanding Your Options

Customer

Company

Legal

Location