PAYE and one-off income from other source

nicetobenice1

Hi, I hope I am posting in the right place.

Between 2015 and 2018 I was self employed trying to start an online business. After that period, unluckily I suspended it.

I am currently working full time in PAYE earning around £35k.

Last year it turned out that the displayed ads on the old websites still generated some negligible income and I paid out about £600 from Google as an one-off payment.

Do you think I should do a self-assessment? Do I need to reopen the business? Can I use the old UTR?

Marcon

nicetobenice1 said:

Hi, I hope I am posting in the right place.

Between 2015 and 2018 I was self employed trying to start an online business. After that period, unluckily I suspended it.

I am currently working full time in PAYE earning around £35k.

Last year it turned out that the displayed ads on the old websites still generated some negligible income and I paid out about £600 from Google as an one-off payment.

Do you think I should do a self-assessment? Do I need to reopen the business? Can I use the old UTR?

The good news is you don't need to do anything. You don't need to register as self employed/declare your profits where your business generates gross profits of under £1,000 in a tax year.

Dazed_and_C0nfused

Marcon said:

nicetobenice1 said:

Hi, I hope I am posting in the right place.

Between 2015 and 2018 I was self employed trying to start an online business. After that period, unluckily I suspended it.

I am currently working full time in PAYE earning around £35k.

Last year it turned out that the displayed ads on the old websites still generated some negligible income and I paid out about £600 from Google as an one-off payment.

Do you think I should do a self-assessment? Do I need to reopen the business? Can I use the old UTR?

The good news is you don't need to do anything. You don't need to register as self employed/declare your profits where your business generates gross profits of under £1,000 in a tax year.

Sadly that isn't true.

You don't need to do anything if your business turnover doesn't exceed £1,000 and there is no connection with your employment.

But if you make a profit you will need to inform HMRC.

The £1,000 limit applies because of the trading allowance.

https://www.litrg.org.uk/tax-guides/self-employment/what-trading-allowance#:~:text=The trading allowance exempts trading,trading, casual or miscellaneous income.