Casual income

I am an editor for an overseas website. I received an income in foreign currency which was equivalent to GBP800 for the last tax year. May I know if this needs to be reported in the self assessment.

Hi volley liu,
As this would be classed as self employment and covered by the trading allowance you do not need to declare this.
Please see guidance here:
Tax-free allowances on property and trading income
Thank you. 
 

The above casual income (GBP800) was earned in addition to my regular income earned in UK. As above, am I right that I only need to report my regular income earned in UK and do not need to declare my casual income (GBP800 earned overseas)?

Hi volley liu,
If it is classed as self employment, it will be covered by the trading allowance and therefore no need to report.
Thank you. 

Hello, I would like to clarify a related question. I received £350 from university for consultancy in training programs (not related to my main job) and I believe, £350 can be counted as a casual income and not taxable (as it is less than £1000 and I don’t have any other casual income). However, as university also took 20% tax with is £70, I would be interested how and where to insert these amounts in my annual tax return to get a refund of tax taken £70. Many thanks in advance for advice. Vlad

Hi Volodymyr Anisimov

You would need to complete the self employment section of the online return.  
You will need to tick 'yes' to the question "Did you have an annual turnover of £85,000 or more?", as this will allow you to enter the tax deduced in the box named "Other tax taken off trading income:" or box 82 on page SEF4 of SA103F.  
You can claim "trading income allowance" equal to the casual earings of below £1000.00.

Thank you

Hello, I've recently started selling on ebay. Judging by current sales I'm going to make under £1000 profit by April 6th but my Gross will be more than this. Do I need to report the profit if its under £1000 or do I claim the small buisness allowance on this and don't report? Kind regards

Hi,

If the turnover, gross, is over £1000, yes, you need to declare it as there will still be taxable income after the deduction of the £1000 trading allowance.

Thank you.

Hi all, New to the forum and to self-assessment. I have a couple of queries that I would really like some help with getting my head around if possible before I register etc-thank you in advance. I have been buying and selling second hand (and more recently wholesale) clothing for just over a year. My end of year figures are-£1974.01 (gross), £810.71 (expenses) and £291.81 (donated or own stock). I am unsure how I would reflect this, particularly the 'donated' (given to me to sell by family) or own stock on the form. Also, and I realise this will sound a really silly question, but just to get my head around hiw this works. On paper, taking off my expenses and 'own stock' sales I have made £871.49 net- so this is what I would pay tax on? I think what I'm getting at is do I pay tax on this amount or is it below the £1000 trading allowance-is it either/or? I hope that makes sense and thank you in advance for any advice you can offer.

Hi Lyndsey Longden

You can either claim the £1000 trading allowance or expenses, but not both.  
You will declare your gross turnover, your expenses or claim the trading income allowance of £1000.  What's left is then your net profit and is taxable.  
Please take a look at a paper SA103S, which can be downloaded at Self Assessment: self-employment (short) (SA103S) and the notes that go with it.  
Please also have a look at HS222 How to calculate your taxable profits (2024), which advises how to calculate your taxable profits.

Thank you

Hi. I currently have full time 40hr job with my employer but have been thinking taking on casual shifts! My question is, whats my next steps to get this all set up to be able to do my full time job and do the casual shift that would bring me additional £4k a year? Thanks

Hi,

You can see guidance here:

Set up as a sole trader

Thank you.