https://www.bbc.co.uk/news/business-67855872?xtor=AL-72-[partner]-[bbc.news.twitter]-[headline]-[news]-[bizdev]-[isapi]&at_campaign_type=owned&at_link_id=1B00EFC6-A958-11EE-8E67-1A72D9B5F045&at_format=link&at_ptr_name=twitter&at_link_origin=BBCNews&at_link_type=web_link&at_medium=social&at_bbc_team=editorial&at_campaign=Social_Flow
Some important points highlighted in the article:
-Individuals have a £1,000 tax-free allowance for money made through property
-There is also a £1,000 allowance for "trading" income - for example, if you offer tutoring or gardening, or if you are selling new or second-hand items online
-People earning below those thresholds may not have to fill in a tax return, but should keep records in case they are asked for them
What a joke. It’s not like there is a huge profit to be made selling depreciated items. Is it really fair to tax items that one is making a loss on?
People are having to take up side hustles BECAUSE times are hard as it is, and the govt want to tax that also…meanwhile the MPs, big corporations and the billionaires of the world can all do what they want.
Some important points highlighted in the article:
-Individuals have a £1,000 tax-free allowance for money made through property
-There is also a £1,000 allowance for "trading" income - for example, if you offer tutoring or gardening, or if you are selling new or second-hand items online
-People earning below those thresholds may not have to fill in a tax return, but should keep records in case they are asked for them
What a joke. It’s not like there is a huge profit to be made selling depreciated items. Is it really fair to tax items that one is making a loss on?
People are having to take up side hustles BECAUSE times are hard as it is, and the govt want to tax that also…meanwhile the MPs, big corporations and the billionaires of the world can all do what they want.