Earn a thousand pounds a year tax free

Earn a thousand pounds a year tax free


The Trading Allowance is a tax exemption promoted by HMRC. You do not even need to register it as income.


"A tax free way to start making money on the side, profit by making to sell"Starting out as a small business owner can be quite daunting, thinking up business names, registering with HMRC, dealing with tax etc. However, if you are running a side hustle to make a little extra money in these rather difficult times, then the Trading Allowance may be just what you wanted to know.

Simply speaking, it means that if you turn over 1,000 or less in a year from your side hustle (April to March) you do not need to pay any tax and you do not need to formally register it. It is a great way to get started. Once you earn over 1,000, you will need register but by then you will have an idea of what you are doing and the confidence to grow.

The exemption is also per person, so get someone involved that could do with a little extra money.

If you are not sure if it will apply in your circumstances double check you are eligible on the HMRC site.

The Trading Allowance removes one of the barriers to starting to trade.

Share this post

<p><a href="https://www.ukcraftfairs.com/post/2129/earn-a-thousand-pounds-a-year-tax-free">Earn a thousand pounds a year tax free</a></p>
https://www.ukcraftfairs.com/post/2129/earn-a-thousand-pounds-a-year-tax-free

Comments

Members of the site post information to both educate and entertain, if you would like to comment or add to the post with your own content, then please:

Join or Login

UKCraftFairs - Members blog posts

Members of the site can create their own blog, posting about things that relate to thier business or craft.