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Side hustle earns just over £1000, expenses take it back under £1000. Do I still declare?
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!