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Tax Return Help
Chuzzle
Posts: 625
Forumite
Hi, I'm employed full time, but I also make jewellery and sell it at local craft fairs. I am now due to fill in my 3rd tax return. I don't sell much :-( and because of this my outlay is always more than my income. I registered self employed at the beginning as I didn't want to lose sleep worrying lol. I don't see my jewellery ever making me enough money that I can give up my day job!
My question is do I really need to fill in a tax return each year? Its really only a hobby.
My question is do I really need to fill in a tax return each year? Its really only a hobby.
Banana Lovers
Buy your bananas in bunches of 5 on Sunday. Then arrange them in order of ripeness and write a day of the week on each banana in felt pen, Monday on the ripest, Friday on the greenest to save time making those decisions on a hectic weekday morning
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Hi, I'm employed full time, but I also make jewellery and sell it at local craft fairs. I am now due to fill in my 3rd tax return. I don't sell much :-( and because of this my outlay is always more than my income. I registered self employed at the beginning as I didn't want to lose sleep worrying lol. I don't see my jewellery ever making me enough money that I can give up my day job!
My question is do I really need to fill in a tax return each year? Its really only a hobby.
Yes, you do because what you do is constituted as a business - you sell things.
Doesn't matter if you make a profit or not, you still have to do it, at least until April when the new microbusiness rules come in which you may fit into.0
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