Do i have to declare any money i make from my hobby?

Luster4

Hi, my partner and i are on joint jobseekers and child tax credits. My question is this: I would really like to breed rats as a hobby, and as it's a very expensive hobby all the money i'd get from sale of the babies would go towards new cages and food and bedding, ect; and i've worked out tht i'll actually lose money, but it's something that i would really enjoy so i dont mind, but i'm worried that i'd need to declare it and i would get our benifets cut or stopped... all the money i'd get would be about £40 a month at most and i wouldn't make ANY profits as that would be spent on keeping the hobby going. but would i need to declare this sort of thing? and would it effect anything if i did have to??

terryw

Yes but you can deduct expenses.

Luster4

would tht affect my benifets? even tho i'd never earn anything out if it??

terryw

If the expenses exceed the income, then no. And providing of course that your hobby does not intrude upon your JS Agreement.

skintbint_2

even although its a hobby and will be making a loss you will still have to declare as you are trading - you would also have to register with the inland revenue hobby or not