We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 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!
Do I need to pay tax on small amounts of income from surveys in this instance?
54cornishgirl
Posts: 6 Forumite
I'm retired, so I have a small amount of pension income plus the state pension. I also have some rental income from a flat that I rent out. I do my self -assessment tax return each year for the pension and rental income. I have also recently earned a small amount from on-line surveys - about £150 earned over a very long time! - do I need to declare that £150 or it covered by the £1000 tax free allowance for a 'side hustle'. I know the £1000 allowance exists for a side hustle but I'm not sure if, because I also have rental income which is more than £1000, I can't use the side hustle allowance. I'm not sure I'm explaining this very well!
0
Comments
-
The side hustle allowance is in addition to any other allowances, so you are fine to keep it.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
-
silvercar said:The side hustle allowance is in addition to any other allowances, so you are fine to keep it.
Thank you for that advice, I'm really grateful. I thought that might be the case but didn't want to get into a mess with it.
0 -
Hello
We have some guidance on our website which explains more about the trading allowance which you may find helpful: https://www.litrg.org.uk/working/self-employment/trading-allowance and also on the property allowance which may be helpful depending on your rental income and expenses: https://www.litrg.org.uk/savings-property/property-income#8 . Hope this helps you.“Official Company Representative
I am an official representative of LITRG (Low Incomes Tax Reform Group) part of the Chartered Institute of Taxation who are an educational charity. We are not part of MSE or HMRC. MSE has given permission for me to post on the Forum but this does NOT imply any form of approval of my organisation or its products by MSE. We can’t give individual advice, but 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. If you believe I am posting inappropriately please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"0 -
LITRG said:Hello
We have some guidance on our website which explains more about the trading allowance which you may find helpful: https://www.litrg.org.uk/working/self-employment/trading-allowance and also on the property allowance which may be helpful depending on your rental income and expenses: https://www.litrg.org.uk/savings-property/property-income#8 . Hope this helps you.
Thank you so much, I'll look at that. This forum is so useful!0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.3K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.4K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards