Lockdown restrictions have forced many businesses to close temporarily. Selling goods or clothes on sites such as eBay and Depop offers the opportunity to raise some much-needed cash in these difficult times. What are the associated tax implications and do you need to tell HMRC about it? Badges of trade There is a difference between …
Spare time earnings may be tax-free 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 …
Here’s how to earn tax-free money through doing something you love. Read More »
