Sole Trader/Tax question.....

[Murox]

@Dodge you should probably ask a real accountant, however for the £500 above what you are allowed I wouldn't bother , live up to your name .. ..and you can easily PM Black Mountain Honey and just ask him.

 

[Jimmy]

I have come across this help before but it always seems to not cover the average person as it seems to aways explain it from the perspective of a business owner / self employed already.

What would be useful is how or what to do if.

You are employed and paid through payee. Income is below tax free allowance, upto 25k or £60k. Sell £1500 of Honey of which most is through a card machine to freinds and colleagues. What do you need to do if you want to comply with the law

It's quite straightforward to complete the self assessment if you have a P60 from 'normal' employment. I wouldn't do it close to the deadline (31 January for previous tax year) the first year you declare as IIRC they send you some online registration details by post (that sounds crazy writing it but I'm sure that's my experience).

 

[Erichalfbee]

I understand Black Mountain Honey has a day job like most of us, how does he go about things.

As him?

 

[Boston Bees]

You are employed and paid through payee. Income is below tax free allowance, upto 25k or £60k. Sell £1500 of Honey of which most is through a card machine to freinds and colleagues. What do you need to do if you want to comply with the law.

Register with HMRC for self assessment. Keep very good records. Fill out your self assessment tax return once per year. For income of just £1,500, you'll wish you'd just stayed under the radar though

 

[polymath]

I have come across this help before but it always seems to not cover the average person as it seems to aways explain it from the perspective of a business owner / self employed already.

What would be useful is how or what to do if.

You are employed and paid through payee. Income is below tax free allowance, upto 25k or £60k. Sell £1500 of Honey of which most is through a card machine to freinds and colleagues. What do you need to do if you want to comply with the law.

I understand Black Mountain Honey has a day job like most of us, how does he go about things.

Simple the first article covers this in that if sales are over £1k you need to declare.

 

[Wilco]

I have come across this help before but it always seems to not cover the average person as it seems to aways explain it from the perspective of a business owner / self employed already.

What would be useful is how or what to do if.

You are employed and paid through payee. Income is below tax free allowance, upto 25k or £60k. Sell £1500 of Honey of which most is through a card machine to freinds and colleagues. What do you need to do if you want to comply with the law.

I understand Black Mountain Honey has a day job like most of us, how does he go about things.

Register for self assessment tax return.

Enter your PAYE earning details.

Enter your self employed details. As part if this you enter the total sum (profit or loss) for that tax year. If a loss you choose to either carry it forward to set against future profit or count against your taxable income and get refunded the excess tax (think it works out around 20% of the value of the loss).

Submit it.

Obviously slightly less simple and significantly more bureaucratic than that.