18 April 2017

HMRC has announced that anyone who has an annual gross income (before allowances or expenses) of £1,000 or less will be entitled to a tax-free trading allowance from 6 April 2017 and will not have to inform HMRC about this income. The money can be earned from self-employment, casual services (such as gardening) or the hire of personal equipment (such as power tools). Anyone who is newly self-employed and expects their annual gross income to be less than £1,000 will not have to register for tax self-assessment, although they can do so voluntarily, while anyone with self-employment income over £1,000 must register for self-assessment.

Read more about the allowance at:

https://www.gov.uk/government/publications/income-tax-new-tax-allowance-for-property-and-trading-income

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