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Gross or net?

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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?

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  • soolinsoolin Forumite, Board Guide
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    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.
    I'm the Board Guide for the Ebay Board , Charities Board , Dosh & Disability , Up Your Income and the Local MoneySaving-England board which means I volunteer to help get your forum questions answered and keep the forum running smoothly. However, do remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com
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