Tax Returns

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dt

It's £1000 gross. So you'll need to do a tax return.

It's too do with the trading allowance

https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#trade

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M_V in reply to @dt

That was how I thought it worked. It's a lot clearer on that link you sent, cheers.

I presume there's a way for me to carry the losses I made last year (buying things like a frame jig) into this year when I do this years return. Hopefully that'll become clear once I start doing it.

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