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Spare time earnings may be tax-free

2019-08-23T16:22:36+01:00August 7th, 2019|Categories: Blog, Self Employment|Tags: , , |

The new trading tax allowance for individuals of £1,000 was introduced from 6 April 2017 and applies for the 2017/18 tax year onwards. In broad terms, the allowance means that individuals with trading income below the annual threshold may not need to report it to HMRC and may not need to pay tax on it. This allowance may be particularly useful to individuals with casual or small part time earnings from self-employment, for example, people working in the ‘gig economy’ (Deliveroo workers and such like), or small-scale self-employment such as online selling (maybe via eBay or similar). It means [...]

Making use of the trading allowance

2019-09-01T23:07:09+01:00November 18th, 2018|Categories: Blog, HMRC, Self Employment|Tags: , , , |

The introduction of the new trading and property allowances for 2017/18 onwards mean that those with low levels of income from these sources may not need to report it to HMRC. The trading allowance is £1,000 for 2017/18 and 2018/19. Broadly, those with trading income of less than £1,000 a year, no longer need to report it to HMRC. This may be particularly useful for people with casual or small part time earnings from self-employment, for example, someone who up-cycles old furniture for resale on eBay or similar. Where the trading income is more than £1,000, the trader has the [...]

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