Trading allowance and marriage allowance.
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Completelylosty
Posts: 9 Forumite
I know the trading allowance is under £1000 turnover (not profit). Does my marriage allowance affect my trading allowance at all or is this a totally separate thing?
I haven’t worked for a couple of years, so I have transferred my marriage allowance to my husband.
This year, I have started selling crafts online and had a turnover of about £200, but expenses puts me in minus profit. So decided to cease my online business.
I have recently returned to employed work, and have requested HMRC to cancel my marriage allowance to my husband. But I believe that I have to wait for the next tax year for this to take effect.
Therefore, my understanding is that I will have to pay tax on ALL my employed income for the rest of this tax year regardless of how much I earn. But do I still need to do a self assessment for the £200 turnover from my online business?
I hope all that makes sense. Thank you.
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Completelylosty said:I know the trading allowance is under £1000 turnover (not profit). Does my marriage allowance affect my trading allowance at all or is this a totally separate thing?I haven’t worked for a couple of years, so I have transferred my marriage allowance to my husband.This year, I have started selling crafts online and had a turnover of about £200, but expenses puts me in minus profit. So decided to cease my online business.I have recently returned to employed work, and have requested HMRC to cancel my marriage allowance to my husband. But I believe that I have to wait for the next tax year for this to take effect.Therefore, my understanding is that I will have to pay tax on ALL my employed income for the rest of this tax year regardless of how much I earn. But do I still need to do a self assessment for the £200 turnover from my online business?I hope all that makes sense. Thank you.
Why do you believe you have to pay tax on all your employment income?
What do you think happens to your Personal Allowance of £11,310 🤔0 -
If I give my marriage allowance to my husband, he gets all my personal allowance. Hence, I will not have any allowance?0
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Completelylosty said:If I give my marriage allowance to my husband, he gets all my personal allowance. Hence, I will not have any allowance?
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Oh, thank you for explaining how the marriage allowance works. I’m easily confused.0
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And just to confirm that trading allowance and marriage allowance do not affect each other in any way?So, I take it that I do not have declare the £200 turnover from my short lived online business then?Thanks0
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