- September 16, 2023
- Posted by: legaleseblogger
- Category: Related News
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Heading: Understanding Income Declaration in Multiple Part-Time Jobs and Side Business Activities
Content:
My wife currently holds a part-time position as a chef and is planning to pursue a beauty therapy course to eventually work part-time as a self-employed professional, aiming to effectively work full-time overall. As she embarks on this new venture, I believe it is essential for her to utilize self-assessment for declaring any income from her second job. However, I am uncertain about whether there is a specific threshold she must reach before declaring her additional earnings. Moreover, she occasionally engages in the production and sale of cakes for special occasions, generating approximately £60 every few months. Currently, she does not declare this income, and I am confident that it is a common situation where many individuals fail to report such intermittent earnings to HMRC without any repercussions. Nevertheless, I would like to clarify whether she is required to disclose all her earnings or if there are specific rules that I might have overlooked during my research.
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****** just grabbed a
It’s called “[Trading Allowance](https://www.gov.uk/guidance/tax-free-allowances-on-property-and-trading-income#trade)” and its ┬ú1k per tax year.
Trading allowance as stated as she’ll be presumably operating as a sole trader- but I think it’s your total self employed income so if she’s over it from beauty work she’ll need to also be declaring the income from cakes (or vice versa). You don’t get ┬ú1000 for beauty, ┬ú1000 for cakes, ┬ú1000 for third thing, etc you get ┬ú1000 against all your self employed income.
Assume she’s employed at the chef job? And pays taxes through PAYE. If she’s used her tax free allowance in this job all of her self employed income will then be taxed at basic rate (untill her total income from all sources goes above higher rate etc). So if she’s exceeding the personal allowance in PAYE employment and exceeding the trading allowance in the total of all her self employment they may well care if you are not declaring all of your self employed revenue as she’ll owe tax on it.