Trading allowance and marriage allowance.
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.
★ ★ ★ Meet your Ambassadors
- All Categories
- 341.9K Banking & Borrowing
- 249.7K Reduce Debt & Boost Income
- 449.2K Spending & Discounts
- 234K Work, Benefits & Business
- 606.2K Mortgages, Homes & Bills
- 172.5K Life & Family
- 246.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.8K Discuss & Feedback
- 15.1K Coronavirus Support Boards