paszczaqp Tom
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RE: Casual income on self assessment
Thank you for your replay. Ok so we only claim the trading allowance once, of course. I would just like to confirm that we do it correctly: We have total of 3000 miscellaneous/hobby income which we will be declaring in the Other Income section. However there is no box to utilise the £1000 miscellaneous income allowance. We checked and this allowance is not applied in the calculations automatically, so we presume that we should deduct £1000 allowance from total £3000 and declare £2000 as total Other Income. We would appreciate if you could confirm this process is correct? -
Casual income on self assessment
I have to complete self assessment for few reason. Everything is pretty straightforward with accounting for regular income but I am trying to seek confirmation on where to record a £3000 miscellaneous or casual income that exceeded £1000 trading allowance but wasn’t earned as a part of any formally registered self-employment. So almost like hobby jobs for friend and family. There is section for casual/miscellaneous income in other income but if I declare in there can I still apply £1000 trading allowance deduction somewhere else or should I just deduct the amount earned by the amount of trading allowance in this case?