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Registering as self employed if earning under 1k?

3 replies

moveblues · 27/02/2022 10:22

Morning all
On top of my usual salary (over 40% tax threshold) I am set to earn about £500 this tax year (to April 2022) through private work. Do I need to register as self employed for this tax year? I won't be claiming any expenses etc
I have been registered before (2018) and had to fill out self assessment once. I will earn much more than £500 next tax year 22/23 so intend to do a self assessment then. I understand that if it's under 1k in a given tax year it doesn't need to be declared? Any advice appreciated :)

OP posts:
Ifailed · 27/02/2022 10:35

You don't need to if it's under £1000 per annum and you are a sole trader.

moveblues · 27/02/2022 11:09

@Ifailed

You don't need to if it's under £1000 per annum and you are a sole trader.
Do I need to register with hmrc as a sole trader?
OP posts:
nannynick · 27/02/2022 11:12

I expect Trading Allowance applies, so use that for now. Once you anticipate your turnover will be £1000+ then register as a sole trader.

www.litrg.org.uk/tax-guides/self-employment/what-trading-allowance

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