Universal Credit & Selling Prints

WelshPaul

If you’re making prints to sell for a profit, then you’re running a business, and you should declare it at such. Regardless if you sell one a month or ten thousand.

Spoonie_Stitch_Lover

WelshPaul said:

If you’re making prints to sell for a profit, then you’re running a business, and you should declare it at such. Regardless if you sell one a month or ten thousand.

I made them years ago not intending to sell them. Was looking for some extra cash and decided to sell them. 

Spoonie_Stitch_Lover

kaMelo said:

"Someone on Facebook said......"

 not the most reliable source of information to put it mildly. As others here have said, if you are just selling items you already have, decluttering if you like, putting the proceeds towards buying something new for yourself then these are just personal items, there is no trading going on.

If however these are things you've bought or made with the intention of selling for a profit then that changes things.

Stuff was made years ago and I never intended on selling. Just sold them to try and fund something I needed. 

Spoonie_Turtle

You're absolutely fine.

IF you were trading - as in, if you made them specifically to sell - you would have to register with HMRC if you had gross receipts of £1,000 or more from selling them within one tax year.

You would also have to tell UC about the income you got from them, and your expenses when making them, if you had made them specifically to sell.

But you very clearly didn't make them in order to sell them, so absolutely no need to worry at all.

Spoonie_Stitch_Lover

Spoonie_Turtle said:

You're absolutely fine.

IF you were trading - as in, if you made them specifically to sell - you would have to register with HMRC if you had gross receipts of £1,000 or more from selling them within one tax year.

You would also have to tell UC about the income you got from them, and your expenses when making them, if you had made them specifically to sell.

But you very clearly didn't make them in order to sell them, so absolutely no need to worry at all.

Thank you 

LITRG

Hello. We are the Low Incomes Tax Reform Group (LITRG), part of the Chartered Institute of Taxation who are an educational charity. We are not part of HMRC or MSE. Although we can’t give individual advice, you might find our flowchart on the taxation of side hustles useful: https://www.litrg.org.uk/sites/default/files/240109 OECD rules flowchart.pdf. If you require further help, we recommend that you contact a tax adviser, HMRC or one of the tax charities where relevant. You can find more information about where to get help with tax here: https://www.litrg.org.uk/tax-nic/getting-help-tax. Thanks.

silverwhistle

Spoonie_Turtle said:

You're absolutely fine.

IF you were trading - as in, if you made them specifically to sell - you would have to register with HMRC if you had gross receipts of £1,000 or more from selling them within one tax year.

Another example: I'm retired and I do online language teaching. One student (!) and I stay under the £1000 limit. If I were short of money I could hussle a bit, do more and complicate matters but it's not worth my while. As it is I have a bit of extra holiday money.

Don't worry!

HillStreetBlues

Very handy flowchart, thanks for posting.

Spoonie_Stitch_Lover

LITRG said:

Hello. We are the Low Incomes Tax Reform Group (LITRG), part of the Chartered Institute of Taxation who are an educational charity. We are not part of HMRC or MSE. Although we can’t give individual advice, you might find our flowchart on the taxation of side hustles useful:  If you require further help, we recommend that you contact a tax adviser, HMRC or one of the tax charities where relevant. You can find more information about where to get help with tax here:  Thanks.

Wow thank you so much that’s helpful. 

(Had to delete links to post)