New Micro Entrepreneur Tax Break

SunnySusie

I am trying to find out more about the new tax break that Ozzy announced back in March.

Does anyone know what HMRC refer to this tax break as so I can find out their official documentation? I've searched a load of stuff but I'm obviously not getting it right!

https://www.theguardian.com/money/2016/mar/21/sharing-economy-1000-tax-free-allowances-ebay-airbnb-micro-entrepreneurs

Ultimately I want to know if I can take advantage of it? And when it starts, current one (2016/2017) perhaps?

I make a couple of thousand every year from blogging, the income is from Google Adsense and the Amazon affiliate scheme. I am a high rate tax payer to it would be nice to keep the first £1000! Obviously I'm not buying and selling a physical item on eg ebay but it sounds like I'm the kind of person this break is supposed to assist!

Pennywise

As your link says, it's proposed to come into force next April, so the 17/18 tax year.

The reason there's little info about it is that it's just a proposal, not yet enacting in legislation and not relevant until 6/4/17. No one knows how it will work or who will be eligible.

For the current tax year, old rules apply which means to need to prepare accounts and a tax return, and pay tax on all profits, for the current tax year.

SunnySusie

Brill, thanks!! One to keep an eye on then.

Will prob get scrapped in the post Brexit scramble anyway, it's very typical for these things to be removed just before I can benefit from them. I lost out on child benefit, tution fees, and let's not get started on the deteriorating pension proposition! I'm not bitter (honest!) but it's nice when a break does go your way