HMRC 24-hour warning for people making money from 'side hustles' like eBay and Vinted

People making more than £1,000 from 'side hustles' like reselling items on eBay and Vinted have just one day to register for self-assessment - or face a £100 fine.

October 5 marks the self-assessment registration deadline, meaning you'll need to notify HMRC if you've received more than £1,000 in income over the past year and haven't yet paid tax on it.

Alastair Douglas, CEO of TotallyMoney, said: "While you might think it only applies to work you've been paid for, it also includes other income. This might include money earned from savings and investments, rental income, and if you've made more than £1,000 from selling or reselling items on places like eBay, Depop and Vinted. So check online to find out if you need a tax return.

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"If you don't register by the deadline, there's an automatic £100 fine - even if there's no tax due. If you haven't paid that after three months, HMRC will charge you £10 per day up to £900, and after six months 5% of the tax due or £300 - whichever is higher.

"This will repeat again after 12 months, so it's important to stay on top of things from the start."

Mr Douglas also spoke about the importance of getting your tax return completed in good time.

He said: "This means getting everything ready for the October 31 deadline if you're submitting a paper return, or by midnight on the 31st January if you're submitting your return online. But if possible, you shouldn't leave things to the last minute.

"That's because with more than 12 million people filing for self-assessment, government helplines are likely to jam, making it difficult to get through to advisers, and potentially scuppering your chances of meeting the deadlines."

According to HMRC, in order to pay tax on the goods or services you sell, you either have to be trading or make a capital gain. If your income from trading during the tax year was less than £1,000, you would not be required to file a Self Assessment tax return or pay any tax on the profits.