Doing a Self Assesment for my "Side Hustle"

[cryptonian717]

I am looking right now into the details of mining the CIA coin. You can get pretty nice rewards from HDD mining, however the the set up is kind of slow. Been waiting for it to connect to the network for the past 24 hours.Will update

 

[Ugley_Matt]

Hi all,

So aside from my normal full-time employment, I jumped on the passive income/side hustle bandwagon last year.

It's not a lot at all I'm still calculating things.

I have done S.A before but was self-employed then.

Now that I am employed full time, is the process the same to fill out the S.A on my "extra" income.

I am sure most would not even bother, and the thought has crossed my mind.

Are you still able to earn £1000(gross) on top of your normal job? without having to declare it, that's what it looks like to me anyway.


About £250 of the profit is actually from mining!

Just thought I would ask for some tips.

When i started doing training courses for LinkedIn I had to declare extra earnings but the whole tax thing was so damn complicated. All I wanted to do was say I earn this full time, plus this bit on the side, how much do you want from me. In the end, I phoned up HMRC and had a nice chat with them as I had no idea how to declare it as it's paid from the US etc etc. They were very helpful and said just declare it how you think it best describes the work. I just kept it simple, couldn't be arsed with all the faffing around.

My dad used to be a chartered accountant and always said to me that the best thing to do with the tax man was be upfront and they tended to be helpful as you were trying to do the right thing, even if you "got it wrong". If you screw around with them, then they can have you.