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UK term
Self Assessment (UK)
The process used by HMRC to collect tax on income that is not taxed at source, including most side hustle and freelance earnings.
Self Assessment is the system in the United Kingdom for declaring income outside PAYE. You register once, then file a return each year that lists income, allowable expenses and reliefs. Deadlines: register by 5 October after the tax year, file online by 31 January, pay tax and any payment on account by the same date. Many side hustlers underestimate the second payment on account, so plan cash flow in advance.
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