Question / Discussion Trading allowance

nate99

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Hi can anyone clarify -

Can you earn the £1000
Trading allowance in addition to regular earnings from a standard 9-5 job without declaring?

Thanks
Nay
 

Jon

Administrator
Staff member
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Oct 17, 2013
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Hi can anyone clarify -

Can you earn the £1000
Trading allowance in addition to regular earnings from a standard 9-5 job without declaring?

Thanks
Nay
From HMRC


If your annual gross trading income is £1,000 or less, from one or more trades you may not have to tell HMRC, however there are circumstances when you must register for Self Assessment and declare your income on a tax return.

The trading allowance is a tax exemption of up to £1,000 a year for individuals with trading income from:

  • self-employment
  • casual services, for example, babysitting or gardening (helpsheet 325 has more information about other taxable income)
  • hiring personal equipment, for example, power tools
If your annual gross income from these is £1,000 or less, you do not need to tell HMRC, unless:

You must tell HMRC if you have:

 

mikecmr

Money Making Megastar!
Joined
Oct 31, 2014
Messages
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don't forget to use your stocks and share isa allowance ;)
 

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