Folksy Ltd

New "hobby" business tax allowance

I’ve just seen these links on facebook - coming in to effect April 2017, it may be of interest to some of us on Folksy.

" … the government has announced a new ‘trading allowance’ for individuals so that people can operate small online businesses without needing to pay tax or register."

Elaine

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Yes, I saw that a little while ago posted on a Facebook group.
It will be good for people like myself who only sell a few items a month and make little or no profit.

I think they have been over run with people like myself registering…lot’s of work checking the returns with no payment at the end of it. When I contacted them about my Folksy shop they told me I didn’t qualify for self assessment so I think they have already started trying to reduce the number of people registering that don’t sell enough to pay tax.

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That’s good to hear Kim. They must be over-run with so many tiny businesses sending in their returns.

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It doesn’t mean you no longer have to register and declare what you are earning or not earning whatever the case may be.

You still have to register otherwise when you get caught you’ll still be subject to fines.

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From reading what it says…that is exactly what it does means.
Quote:

‘Now the government has announced a new ‘trading allowance’ for individuals so that people can operate small online businesses without needing to pay tax or register’

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but not for a couple of years does this come into practice so you do still have to be registered.

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