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Posted Wed, 19 Apr 2023 16:12:56 GMT by Roger Robinson
Hi there, I wrote a piece of software as a hobby and never gained any income from it previously, I'm a UK tax payer and I do not have a limited company or anything and have never run my own business. I recently sold the software to someone overseas, and they plan to wire the funds into my UK bank account. The sum is about ~£8,000 - do I need to declare this as earnings and if so, how? Thanks
Posted Wed, 26 Apr 2023 13:34:39 GMT by HMRC Admin 5

Yes this will need to be declared and you will now need to complete a tax return and declare it as other earnings.

You can deduct the trading allowance as expenses - Self Assessment tax returns

Thank you.

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