Taxes Question

Heya, so I have been working as a tutor on MyTutor for the last year and I really didn't keep track of how much I made. I had a look today and I made over £1000 from the last tax year which got me thinking that maybe I need to pay taxes on this. I had a look around online but I've not got much success in finding a coherent guide in exactly what I need to do (for example some websites mention a self-assessment but other websites say I don't need to because I'm a student?) I've got 0 experience with taxes and would really appreciate it if someone could help me out here. Thanks!

Some basic information about me: I do have a national insurance number and I am currently a student at university. I have no other means of income and I do have a student loan.

Looking at https://www.mytutor.co.uk/blog/tutors/an-introduction-to-tax-for-tutors/ I think the implication is that if you earn more than £1000 from MyTutor in the tax year, you need to declare this to HMRC.

Whether you will then need to pay tax on that income will depend on how much income you have from other sources. If your income from MyTutor plus your other taxable income exceeds your personal allowance (ususally £12,570 per year) then you'll have to pay tax. HMRC should notify you of how much that is -- but they may well collect by adjusting your tax code for the following tax year rather than expecting a lump sum payment.

Thanks for your help, so I probably should get this declaration done then. Is there a deadline normally for these things?

Heya, so I have been working as a tutor on MyTutor for the last year and I really didn't keep track of how much I made. I had a look today and I made over £1000 from the last tax year which got me thinking that maybe I need to pay taxes on this. I had a look around online but I've not got much success in finding a coherent guide in exactly what I need to do (for example some websites mention a self-assessment but other websites say I don't need to because I'm a student?) I've got 0 experience with taxes and would really appreciate it if someone could help me out here. Thanks!

Some basic information about me: I do have a national insurance number and I am currently a student at university. I have no other means of income and I do have a student loan.

Hi! I'm an Accounting & Finance student so i may be of some help to you!
My understanding is that if you have made over £1000 in self-employed income this must declared to HMRC via self assessment tax return, regardless of whether you were profitable for the year or not.
You mentioned you earned over £1000 over the previous tax year, by which i assume you mean 6th Apr 22 - 5th Apr 23. If so, you should have contacted HMRC by 5th October and have filed a return online by 31st Jan 24 (or 31st Oct 23 if choosing to submit a paper return). Obviously the deadline has passed, since we are now in February, so you may need to pay a £100 penalty for having filed late.
I think in your case the best thing to do would probably be to go to your local accountants / advisory firm and ask about next steps - they will usually be able to offset your income against your costs relating to your trade (but unfortunately not your penalty) and they can file it with HMRC via iXBRL tagged returns. It will cost a bit - if you have your accounts in order i would say any competent accountant would spend no more than 2 hours on it, so i would estimate self assessment + penalty would be somewhere in the ballpark of £200.
Alternatively you could try to contact HMRC yourself, fill out your self assessment yourself and pay the monies you owe, but do be aware if there is a mistake on your return, deliberate or accidental, HMRC can charge impose further penalties. Since you mentioned having no experience with tax, this isn't something I would recommend.
Barring the two options options above, if your income is only very slightly over £1k, (I'm talking pounds or 10s of pounds here) you could ignore it and hope HMRC do not flag you on their system. Again, this isn't something I'd recommend as the system HMRC use, Connect, is very sophisticated and can catch you out, and since that would be treated as deliberate evasion, the consequence for doing so would be much more severe.
Hope this provides a bit more clarification as to your current position!
Other users, if i have made mistakes anywhere please to feel free to correct me.
(For legal reasons this isn't financial advice)

Hello, thank you so much for your reply. I just checked my finances and I have found that I messed up so what I actually meant was that this tax year I have now exceeded 1000 pounds whereas last tax year I only made 200 pounds so I don't think I need to declare that. So does this mean I am fine for this tax year but I need to do this next?

Sorry, just to make sure I've understood this right - so you're saying that for Apr 22 - 23 you made £200, and that for Apr 23 - 24 (obviously still ongoing), you have made over £1000 so far?

Ah yeah that's right, sorry I made a mistake. But I got a bunch of emails from MyTutor regarding self assessment so I got really nervous and I realised that I didn't fill one in last year so I got a bit worried.

Yeah no worries, you should be good then. If your tutoring website isn't taxing your income at source then yeah you will need to fill out your self assessment. Note that if you have another part time job where you are employed, i.e. you get payslips and your income is taxed, NI contributions are taken, etc, filling your self assessment becomes more complex and for that I'd definitely recommend an accountancy firm.
Otherwise you're fine for now - the deadline to file for this current tax year is 31st Jan 2025. If you're going to attempt it yourself you have to let HMRC know by october, otherwise if you want to avoid the hassle just shell out £150 or so for the accountancy fees.
In short, don't worry for now - but also definitely don't leave it last minute. If you go to any firm in the new year and say you want your self assessment done - more often than not they will turn you away, just because Jan tends to be such a busy period.
Hope this helps!