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HMRC Trading Allowance

whambam
whambam Posts: 526 Forumite
Part of the Furniture 100 Posts Combo Breaker
in Benefits & tax credits
The trading allowance was introduced from 6 April 2017. If you have annual gross income from self-employment of £1,000 or less then you may not need to register your self-employment for that year. If this applies to you please read the guidance at gov.uk (https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#trading-allce) before completing this form.

Do you need to register only with the HMRC if your earnings goes a penny above £1k?

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Third Anniversary Name Dropper
    If your claiming any benefits I think you may have to declare it to tgat agency too.
  • whambam
    whambam Posts: 526 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Yes you can be on UC and also be self employed once your earnings exceed a certain amount per month the UC stop.
  • Darksparkle
    Darksparkle Posts: 5,465 Forumite
    I thought you had to be registered self employed with HMRC to claim UC?
  • calcotti
    calcotti Posts: 15,696 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Darksparkle wrote: »
    I thought you had to be registered self employed with HMRC to claim UC?

    UC is for anyone on a low income (and limited savings) regardless of employment status.
    Information I post is for England unless otherwise stated. Some rules may be different in other parts of UK.
  • Darksparkle
    Darksparkle Posts: 5,465 Forumite
    calcotti wrote: »
    UC is for anyone on a low income (and limited savings) regardless of employment status.

    Well done for stating the obvious. You've missed the point though.
  • Icequeen99
    Icequeen99 Posts: 3,775 Forumite
    Darksparkle wrote: »
    I thought you had to be registered self employed with HMRC to claim UC?

    It isn't in the regulations like it is for Tax Free Childcare

    IQ
  • whambam
    whambam Posts: 526 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Does UC include child and working tax credits I see you are unable to apply for it now with the HMRC?
  • poppy12345
    poppy12345 Posts: 18,941 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    whambam wrote: »
    Does UC include child and working tax credits I see you are unable to apply for it now with the HMRC?
    It replaces these....hasn't this been covered in one of your many other different threads?
This discussion has been closed.
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