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Last week I came across a blogger, who accepts at least one sponsored post a week, openly declaring that she didn't tell HMRC about her extra income because she "didn't know how to". Unfortunately, when it comes to declaring your extra earnings, ignorance is bliss, and not knowing about it isn't enough of an excuse.
I found a brilliant calculator that tells you how much tax, National Insurance and student loan repayments (if applicable) you need to pay. It is http://www.employedandselfemployed.co.uk/tax-calculator
Getting registered is really, really simple and you can do it in a few minutes. Just go to https://online.hmrc.gov.uk/registration/newbusiness/introduction and register (you'll see it referred to as a business, don't worry, you can later select individual in the sign up process). You'll then need to register to do self assessment online (http://www.hmrc.gov.uk/sa/register.htm) and you'll need to do that every year and pay whatever you owe.
I hope you find this useful. I published a post about this which goes into it in more detail, including some information on offsetting your costs: http://fromalditoharrods.com/declaring-extra-income-to-hmrc/
I found a brilliant calculator that tells you how much tax, National Insurance and student loan repayments (if applicable) you need to pay. It is http://www.employedandselfemployed.co.uk/tax-calculator
Getting registered is really, really simple and you can do it in a few minutes. Just go to https://online.hmrc.gov.uk/registration/newbusiness/introduction and register (you'll see it referred to as a business, don't worry, you can later select individual in the sign up process). You'll then need to register to do self assessment online (http://www.hmrc.gov.uk/sa/register.htm) and you'll need to do that every year and pay whatever you owe.
I hope you find this useful. I published a post about this which goes into it in more detail, including some information on offsetting your costs: http://fromalditoharrods.com/declaring-extra-income-to-hmrc/