Declaring one off consultancy fee

jamorim

Hi guys

Last November I had a call with an investment company to talk about my previous company for which they paid me around 500 USD. This was paid into my PayPal account which is still associated with my Portuguese address (I moved to the UK in January 2018).

This was my only source of income outside of my main job. According to the HMRC page on Other Taxable Income - 2018 (new user, can't post the link but should be the first result on Google), I wouldn't have to pay tax on this since it was under £1000 for the year. Does this mean that I don't need to file the Self Assessment tax return? Or do I still need to file it even if I don't pay taxes on it?

Pennywise

The £1,000 exemption relates to a self employment/business. You'd have to check whether the work you did would qualify as such - it doesn't sound as if you earned it in the course of a trade. The exemption doesn't apply to casual income, employment income etc. Probably best to phone HMRC, tell them and take their advice whether it qualifies or not and how they want it reporting, if at all.

jamorim

I'll phone HMRC and ask. Thanks!

Edit: Talked with the assistant on the phone and it's not necessary to declare this as it's under £1000 for the year