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Hobby Tax
moorve
Posts: 1 Newbie
in Cutting tax
Dont know if i'm posting into the right forum here but my hobby is photography and for the past three months, i have been trying to earn money from selling my photos but i am NOT a business and i was wondering whether or not i should be paying tax. I read online you can earn £5035 through any means before it is taxed. Is this right?
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Dont know if i'm posting into the right forum here but my hobby is photography and for the past three months, i have been trying to earn money from selling my photos but i am NOT a business and i was wondering whether or not i should be paying tax. I read online you can earn £5035 through any means before it is taxed. Is this right?
Sorry, but If you are trying to earn money from selling your photos then you ARE self employed/in business. However, you are NOT a business if you are just seeking to sell photos to do more than recoup your expenses. It is true that you need to earn more than £5,035 IN TOTAL from all sources of income (including pensions, wages, interest, taxable benefits etc) before you pay tax, but you still need to be registered as self employed with HMRC when you start trading, however small the profit.0
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