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Posted Sat, 28 Dec 2024 17:15:46 GMT by Nedius
Hi there, I have dabbled with a side hustle creating digital designs for 3D printing on my home PC, and selling them via a community website. It's never been an ambitious project, but has earned me enough for a few coffees/treats each month. As the catalogue has grown, this current tax year, I'll earn an estimated £1300, crossing that £1000 for the first time, which means I'll need to declare it. However, once I take into account costs (3D printer, resin, plastic, IPA etc used in the test print processes) - including the working from home standard allowance, it takes it back to below £1000. Do I still declare it? I assume so, but want to be sure! And any tips people may have for small time hobbyist/craft creators making only a little over the £1000 would be much appreciated! Thanks!
Posted Wed, 08 Jan 2025 10:49:45 GMT by HMRC Admin 1 Response

HMRC is unable to provide specific or tailored advice through the Online Community Forums and cannot comment on any form of calculation, example or scenario as we may not be in possession of all the relevant information. Please use the link below to see if you need to register for self assessment and send a tax return.

Check if you need to send a Self Assessment tax return - GOV.UK

Posted Wed, 08 Jan 2025 11:36:56 GMT by Clive Smaldon
Not HMRC...yes you need to declare it, You either claim expenses or the £1k allowance, NOT BOTH...so if claiming expenses and there is a profit the difference is liable, if claiming £1k allowance then on £1300 turnover £300 would be liable to tax. You also need to formally register as self employed from when this started if not done so,

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