Tax Return Help

Chuzzle

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.

DomRavioli

Chuzzle wrote: »

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.