Gross or net?

rickyroma

I know this is really simple but I work part time and have a small craft business working from home. Not been going long and most of my profits wiped out by expenses.  
 So, say I have taken £2800 in orders and have £1900 in set up costs , etc meaning I have only made a profit of £900.
 Do I have to declare this as the money received was £2800 ?
Or do I not have to bother as the bottom line is less than £1000?

soolin

rickyroma said:

I know this is really simple but I work part time and have a small craft business working from home. Not been going long and most of my profits wiped out by expenses.  
 So, say I have taken £2800 in orders and have £1900 in set up costs , etc meaning I have only made a profit of £900.
 Do I have to declare this as the money received was £2800 ?
Or do I not have to bother as the bottom line is less than £1000?

It needs to be declared, please see this link

https://forums.moneysavingexpert.com/discussion/6070793/1000-trading-allowance-is-made-clear-on-tax-return

The figure that matters is your gross income, which is over £1000 - however if you have unused allowances then there would be no tax to pay but you would still need to do a self assessment tax return.