Should I Register as Self-Employed?

SplintAxial

I'm a full time employee, just over the higher-rate threshold, and taxes are deducted using PAYE. However, I also run a website and sell digital downloads via a third-party. The income from this is about £1600 per year, so I know I need to declare this. However, there are a lot of costs involved which mean the profit is almost nothing (by the time I've factored-in all allowable expenses, it may even be a loss).

I know I'll need to do a Self Assessment, but do I have to report revenue or profit? Obviously, I'm keen to minimise my tax liability!

If it's revenue, should I register as Self Employed, then work-out the profit / loss from the self employment, and then report that figure on Self Assessment?

Thank you

dinosaur66

unfortuantley you should fill in a self assesment return

you report your revenue gross in the boxes that apply on self assement return

and you report all your costs in the boxes that apply on the return

use all the costs that you can legitamatley claim for

hmrc work out your profit and tax owed not you

in your case sounds like zero and you would not have to use MTD just old fashioned tax return which with such a low turnover should be 15 mins to do first year