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Christmas is coming and many people use the celebration time to sell items such as handmade Christmas cards and goods on seasonal market stalls. Influencers and content creators may receive Christmas gifts in return for social media promotion and more people will log onto platforms such as eBay and Etsy for their Christmas present buying. However, what to the sellers may seem to be a hobby, may not be so viewed by HMRC. ‘Help for hustles’ campaign HMRC’s guidelines are expl

At first glance, the UK’s income tax rates seem straightforward, comprising the basic, higher and additional rate bands (currently 20%, 40% and 45% in England, Wales and Northern Ireland). However, calculations show that there exists an often-overlooked quirk in the tax system that can push high earners into an effective marginal income tax rate of 60%. In 2023/24, approximately 634,000 taxpayers fell into the 60% band, with estimates that this will possibly reach over a mill

Many employers have a social event for employees around the Christmas period. This may take the form of a Christmas party or dinner or another social event, such as wreath-making and cocktails. When planning the event, it is important to consider the tax and National Insurance implications up front. Although there is a specific tax exemption for annual parties and other functions, there are conditions that must be met for the exemption to apply. Ensuring that your Christmas e