I am thinking of trying to boost my income by selling online.
I am unsure about how and what tax I would be expected to pay if I did this.
I am also currently employed and earning a salary of approx 21,000 gross so around 18,000 net which gets taxed accordingly.
How would it work if I started selling as a registered business online? When working it out Would I have to declare what I earnt as a salary aswell as any income received online and then tax gets adjusted accordingly. Or would I just ignore the tax from salary and only declare earnings from items sold?
Also, I keep hearing conflicting information surrounding the amount to be taxed. For example, would I get taxed on all sales irrespective of overhead costs or do I need to work out sales and deduct costs to get profit and then declare that?
Also, am I right in thinking that when selling online you get a threshold limit of £1000 per annum of sales before it can be taxed? Again, is this total sales or total profit? And does this still apply when earning a salary?
Many thanks
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