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Another Self Assessment question
SidJ
Posts: 40 Forumite
Last financial year I trialled buying with the intention of selling online and sold just over the £1000 Trading Allowance threshold. All the advice I've seen suggested this counted as a 'side hustle' and filing a SA return was relatively straight forward. The SA form assumes I am self-employed and asks for a Business name. Is going down this path the only way to file a return? Thank you
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Yes, it's straight forward. You are self employed if you bought them in your own name and sold them on your own name, which is what it sounds like you did. The alternative would be that you formed a company with Companies House and the company did the buying/selling in which case the company does a return and you do a return as the director/shareholder of the company... this is more complicated set of returns to do but manageable.SidJ said:Last financial year I trialled buying with the intention of selling online and sold just over the £1000 Trading Allowance threshold. All the advice I've seen suggested this counted as a 'side hustle' and filing a SA return was relatively straight forward. The SA form assumes I am self-employed and asks for a Business name. Is going down this path the only way to file a return? Thank you
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Yes that's correct. I trade and my 'business' name is exactly the same as the name that file my self assessment form under. So for instance if my name was Soolin fluffybunny, my 'business ' name is 'Soolin fluffybunny'SidJ said:Last financial year I trialled buying with the intention of selling online and sold just over the £1000 Trading Allowance threshold. All the advice I've seen suggested this counted as a 'side hustle' and filing a SA return was relatively straight forward. The SA form assumes I am self-employed and asks for a Business name. Is going down this path the only way to file a return? Thank youI’m a Forum Ambassador and I support the Forum Team on the eBay, Auctions, Car Boot & Jumble Sales, Boost Your Income, Praise, Vents & Warnings, Overseas Holidays & Travel Planning , UK Holidays, Days Out & Entertainments boards. If you need any help on these boards, do let me know.. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.All views are my own and not the official line of MoneySavingExpert.0 -
Thank you for clarifying0
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There are a load of help, pages, tutorials, videos on HMRC website. You can also call them and ask questions,.0
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Hi Sid J
There is help and guidance on our website which you may find useful when completing the self-employment section of your tax return, including our guide to self-employment: https://www.litrg.org.uk/working/self-employment/self-employment-guide and selling online : https://www.litrg.org.uk/working/gig-economy/online-traders-and-using-platforms . All the best.“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 -
I contacted HMRC yesterday and everything sorted. Not as onerous as I feared. Thank you everyone who replied to my post, much appreciated1
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