Side Hustle Tax Calculator
Estimate taxable profit after the trading allowance.
Enter side hustle income
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Side hustle tax calculator guide for UK traders
WeCovr's side hustle tax calculator helps UK traders estimate taxable profit after the trading allowance, backed by FCA-authorised guidance and 900,000+ policies issued across protection products. WeCovr also supports private medical insurance UK planning, while this guide explains side hustle tax basics.
What this side hustle tax calculator estimates
The calculator estimates taxable profit after allowable costs and the trading allowance.
It uses a simplified rate to provide a planning estimate only.
Subtracts costs to estimate profit.
Applies the trading allowance threshold.
Estimates a basic tax amount.
Trading allowance and record keeping
If your income exceeds the allowance, you may need to register and keep records of income and expenses.
Keep receipts and invoices.
Separate business and personal spending.
Why profit changes your obligations
Profits can trigger self-assessment requirements, so plan ahead for deadlines.
Why WeCovr supports freelancer planning
WeCovr provides FCA-authorised guidance with high customer satisfaction ratings. We also offer complimentary access to the CalorieHero AI calorie tracking app and discounts when customers take PMI or Life insurance. If you are comparing private medical insurance UK options, we can help you access private health cover through a trusted PMI broker.
Data sources and guidance references
This guide references HMRC trading allowance and self-assessment guidance.
Side hustle tax checkpoints
| Profit level | Likely action | Why it matters | Notes |
|---|---|---|---|
| Under allowance | No tax | Keep records | Still track income |
| Over allowance | Declare profit | Self-assessment | Deadlines apply |
| Growing profit | Plan cash | Avoid surprises | Set aside tax |
Related WeCovr resources
FAQs
Is the trading allowance £1,000?
Yes, but check HMRC for updates and eligibility details.
Do I need to register for self-assessment?
If your profits exceed the allowance, you likely need to register.
Does this include National Insurance?
No. It is a simplified estimate and does not include NI.
Is this tax advice?
No. It is an informational guide only.