We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 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!
Another Self Assessment question
SidJ
Posts: 39 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
0
Comments
-
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
0 -
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
-
There are a load of help, pages, tutorials, videos on HMRC website. You can also call them and ask questions,.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.9K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.1K Spending & Discounts
- 244.9K Work, Benefits & Business
- 600.5K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards