I have a question regarding the £1000 trading allowance introduced by George Osborne from 2017/18 onwards.
I work full-time and pay tax via PAYE. If I were to earn some additional income (less than £1000) from publishing (e.g. the occasional article) would this be exempt from tax thanks to this 'trading allowance'? I understand that the trading allowance can be used against 'miscellaneous' income but I am struggling to find a clear definition of what this does or does not include.
Second question: if such income from publishing is indeed exempt, if I was to earn over £1k from this activity would it ALL become taxable, or just the element over £1k?
Thanks in advance for any insight.
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