Are you a micro-entrepreneur?

22nd March 2016

The 2016 Budget introduced help for those budding entrepreneurs who supplement their income by trading part time. This includes not only people who sell goods on eBay and rent out their properties on Airbnb but also anyone who trades offline as well.

The budget has taken away the need to declare and pay tax on this extra income if you receive less than £1,000 from these activities.

If your income exceeds this allowance, there is an option of either deducting expenses from the income, which is usual business practice, or deducting the £1,000 allowance from the total income received.

The digital economy has been growing quickly over the last few years and George Osborne announced it as a “tax break for the digital age”.

Is this the time to start searching through the attic to find unwanted items that may just be another person’s treasure or rent out your drive to a commuter as a parking space?

Chris Morey | Brighton Accountant 

If you would like to discuss this further, please get in touch on 01273 701200 or info@plusaccounting.co.uk 

 

 
Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site.

front-register for free updates

Register for Free Updates

Receive free news and advice to help you build a better business

front-register-btn