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Where Taxpayers and Advisers Meet

Search found 4 matches

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by TB2019
Tue Oct 29, 2019 3:32 pm
Forum: Income Tax
Topic: £1000 Trading Allowance
Replies: 3
Views: 2573

Re: £1000 Trading Allowance

Many thanks

Just to clarify also, when I add the income from the consultancy on the self assessment should I say yes to the self-employed question and add the income there or just under the Other Income section?
by TB2019
Tue Oct 29, 2019 11:51 am
Forum: Income Tax
Topic: £1000 Trading Allowance
Replies: 3
Views: 2573

£1000 Trading Allowance

Hi, I have been making some additional income from some IT work that I complete as a sole trader. Am I correct in thinking that from 2017/2018 I can use the trading allowance of £1000 to deduct from my income before I work out how much tax to pay? What is the process for amending a previous self ass...
by TB2019
Mon Oct 07, 2019 9:26 am
Forum: Income Tax
Topic: Expenses on other income
Replies: 4
Views: 6785

Re: Expenses on other income

Many thanks. I believe that it would be 100% as the sole purpose for buying it is to allow me to fulfil the work that I am getting paid for. So say for example I received £5000 in the year and the iPad costs £450, I would just work out the tax to pay on £4550? Buying in Spain doesn't matter too? Jus...
by TB2019
Sun Oct 06, 2019 11:34 am
Forum: Income Tax
Topic: Expenses on other income
Replies: 4
Views: 6785

Expenses on other income

Hi, My main source of income comes via being an employee and paying PAYE, however I also do some consultancy where I am not employed by the company and simply get paid the money directly. I currently declare this on my tax return under Other Income and ultimately pay 45% tax on it. The other income ...

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