As the UK Government offers £1,000 tax free trading allowance for any beermoney making on the side of your job, what do people do about this? Do you declare it yourself? Or do they contact you? If you survey/games etc enough to reach that amount, is there a process to declare this or do most people not bother? I’ve made a chunk of money selling old items on vinted over the last few months which will take up half this allowance, and now I’m getting into some more side hustle work I want to know if I’ll be charge a big bill come April. I’m assuming if you transfer your balance from surgery/GPT sites into gift cards it doesn’t count towards this amount? What if you were to do event work and they paid you via bank transfer? Would this count? I should probably keep track of the income I’m getting from survey work so I know if I’m getting close to this figure.
As the UK Government offers £1,000 tax free trading allowance for any beermoney making on the side of your job, what do people do about this? Do you declare it yourself? Or do they contact you? If you survey/games etc enough to reach that amount, is there a process to declare this or do most people not bother? I’ve made a chunk of money selling old items on vinted over the last few months which will take up half this allowance, and now I’m getting into some more side hustle work I want to know if I’ll be charge a big bill come April. I’m assuming if you transfer your balance from surgery/GPT sites into gift cards it doesn’t count towards this amount? What if you were to do event work and they paid you via bank transfer? Would this count? I should probably keep track of the income I’m getting from survey work so I know if I’m getting close to this figure.