Working and starting a small martial arts club

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Boba_Fet
Boba_Fet Posts: 1 Newbie
in Small biz MoneySaving
Hi. I currently work full time and pay basic tax.
I'm also looking to start up a small martial arts club as a hobby

I'd expect to take about £50 a week (£2500 a year)
the hall hire will be approximately £2000
Any surplus will be spent on the club.
I have just applied for a business account

Do i need to register/declare this? I've been reading up on the £1000 trading allowance, but I can't see whether that is separate to my regular job income, or will affect it.

Any help would be appreciated, Thank you

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  • Mistral001
    Mistral001 Posts: 5,349 Forumite
    First Anniversary Name Dropper First Post I've been Money Tipped!
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    Are you sure you are starting a business? A business makes a profit.
  • tacpot12
    tacpot12 Posts: 7,969 Forumite
    First Anniversary Name Dropper First Post
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    If you are self-employed already, the trading allowance has probably been used by your existing business. If not, you can use what is left of the trading allowance for a new business, BUT your income from the new business is going to be over the trading allowance anyway, so you will have to submit a tax return.

    If you limit the times when the club operates so that the subs you collect are less than £1000 you won't have to submit a tax return.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
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