Managing Taxes for TikTok Shop Sellers with Full-Time Jobs

Selling on TikTok Shop while working full-time? Here’s a quick guide to handling your taxes and staying on track.

Key Tax Dates

• 6th April 2024: Start filing your 2023/24 tax return.
• 5th October 2024: Notify HMRC you need to file a tax return.
• 31st January 2025: Deadline to file and pay any tax.

Steps to Get Started

1. Register Early
   Don’t wait until October 2024. Register for Self Assessment as soon as possible to get your UTR number and set up your online account.
2. Prepare Your Info
   • P60: Shows your PAYE income and tax already paid.
   • TikTok Shop Income: Track sales, expenses, and profits. Deduct expenses like packaging, advertising, and platform fees.
   • Other Income: Declare any additional earnings.
3. File on Time
   Submitting early avoids January stress and penalties. Late filing = fines, even if you owe no tax.

Final Advice

Get organized, register early, and file on time to avoid stress and penalties. The earlier you prepare, the smoother the process will be.