Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
What 'income' do they mean?
Ena123
Posts: 57
Forumite
Hello, I have a full time job and I am considering to sell my hand-made items online and wherever, not relevant to my job. My employer is deducting taxes on my behalf so that part is sorted. How about the sole trader situation? Reading HMRC rules they talk about up to £1000 income when I don't need to tell the HMRC. I don't expect to earn much from my little precious hand made items, so I pretty doubt I would exceed this threshold per year, but I would like to sell some, to make room for more, as my hobby and to get a fraction of my investment back (the supplies costed me far more than I could ever hope to cash back in from sales).
Do I need to register as this would be in addition to my taxable income from a different kind of earnings or do they mean the threshold of £1000 from this business alone? I tried to find an answer elsewhere but didn't succeed.
Many thanks.
Do I need to register as this would be in addition to my taxable income from a different kind of earnings or do they mean the threshold of £1000 from this business alone? I tried to find an answer elsewhere but didn't succeed.
Many thanks.
1
Comments
-
Its £1,000 revenue from your sole trader actives irrespective what you earn from your PAYE/Employee life. As soon as your gross sales (ie before and deductions for materials, postage, selling fees etc) are above £1k you'd need to register self employed and start doing self assessment.2
-
Thank you, I thought so but sometimes my mind complicates things, so I wanted to be sure.0
-
Ena123 said:Thank you, I thought so but sometimes my mind complicates things, so I wanted to be sure.
Your question actually comes up on this forum quite often, so you are in good company.
0 -
I came here to ask the very same question, I have a part time job and I am interested in selling items I make so was also wondering if the money I earn from my job is part of the £1000.
Also though @Ena123 , I dont know where you will be selling but Ive seen a post on here (cant find it now) that ebay and etsy etc now have to report your sales to hmrc0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179.1K Life & Family
- 263.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards