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Posted Sun, 18 Feb 2024 15:23:57 GMT by
I made £6000 last year im planning on making this amount every year. I do not have a job and I make this money through an online website made in the US. This is my only source of personal income at the moment and I receive the money in USD on my Paypal account. I then transfer it to my bank account which then causes it to convert it into GBP. This is under the standard personal allowance of £12,570. I do not need to be taxed on this right?
Posted Tue, 20 Feb 2024 16:25:57 GMT by HMRC Admin 10 Response
Hi
The income will be covered by your personal allowances so that no tax is due. However, as it is foreign income and self employment, you need to complete a tax return to declare this.

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