£1,000 trading allowance

gavcradd
gavcradd Posts: 110
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edited 30 August 2018 at 6:16PM in Cutting tax
As well as my full time job, I've also recently authored a text book for an educational company who will pay commission to me based on sales. This is expected to be in the region of £700 total (it's quite a niche text book!). They will pay this commission directly into my bank account with no tax etc deducted.

Am I right in thinking that because this is less than £1,000, it would fall under the £1,000 trading allowance and I do not need to pay tax on it?

Secondly, I've been invited to do another set of resources for them on the same basis - if this also ends up paying approx £700, so £1,400 total, does this mean that I am allowed to have the first £1,000 tax free and pay tax on the £400? I assume this all needs to be done through self assessment?

Thanks in advance :-)

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