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.
If you are on benefits, you would need to let them know you are making an income, as part of this may be deducted from the benefits you would normally receive.
The Trading Allowance removes one of the barriers to starting to trade.
Members of the site can create their own blog, posting about things that relate to thier business or craft.