How do I declare a one off payment out side of PAYE

Woulfething

Happy New Year all
I am currently paid PAYE and will be earning a one off payment this year. How i declare this payment? Will I have to jump through hoops? Is it worth taking this one off job for what it would take to declare it. 


Thanks in advance 

[Deleted User]

That depends whether you would rather have none of the additional money you could earn from the job or the additional money after tax and NI. Could you ask the payer to put you on the payroll for the payment? How much are we talking about?

Woulfething

It would be a sales event on Facebook, so it will be multiple payments through PayPal.

Dazed_and_C0nfused

More than £1,000 turnover?

Woulfething

It may or may not 

What are the options either way?


Thank for the reply 

Dazed_and_C0nfused

If your total business turnover is less than £1,000 in a tax year you do not even have to notify HMRC as you can claim the "trading allowance" rather than actual expenses.

Might be worth you reading up the trading allowance as it can be quite beneficial for small businesses, particularly when sideline from main job.

Woulfething

Ok cool, ill look into that!! Thanks 

Jeremy535897

This is one option:
https://www.gov.uk/government/publications/other-taxable-income-hs325-self-assessment-helpsheet/other-taxable-income-2020-hs325