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Posted Sun, 10 Dec 2023 01:11:25 GMT by
As a self-employed individual, I earned just over £1000, but after claiming expenses, I would be below the income threshold. Do I need to declare this income? Many thanks in advance.
Posted Fri, 15 Dec 2023 11:05:34 GMT by HMRC Admin 25
Hi hv,
Yes.
As you have already deducted the £1000 Trading Allowance, the remaining amount is taxable income.
Thank you. 
 
Posted Wed, 07 Feb 2024 10:47:04 GMT by
I have the similar case, but I still not quire sure after this answer. For example, for my self employment, I got the pay £1200 in the tax year. However, my total expense of this employment is £500 in the same tax year. So now my net income is £700 (£1200 - £500). So do I still need to declare this self employment income? Thanks.
Posted Fri, 09 Feb 2024 13:34:25 GMT by HMRC Admin 19
Hi,

Yes, as the actual turnover is over £1000 you need to declare this.

Thank you

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