Tax on £1000 side hustle

[Venom]

Also be aware there are massive changes to CGT it used to be 12K , its currently 6K and from April its 3K They are taxing your profits.
So if you have a company sharesave that will make you more than 3K PROFIIT you may want to take the shares, transfer them into a stocks and shares ISA limited to 20K, then sell them ! T

 

[big10p]

Is it true inheritance tax will be abolished? And can it be back dated? I wish. 😆

 

[kingtreelo]

i had a convo with my uncle over christmas who has just spent 35k doing his garden up, he is married with no kids, no pets, the pair of them have great police pensions and once told me that i would inherit a fair bit of cash, i told them to spend as much of the money as possible on anything and everything, when they are dead and buried they cant see if i am enjoying the money they have left me

spend up folks while you are still young enough to enjoy it, seen way too many people stuck in care homes having their lifetime savings robbed from them

 

[John Bennett]

Yep, I was going to say something similar - folk save for decades in the hope of passing money on, and then are alarmed when they realise a care home is £50,000+ a year, per person and they're unable to cope on their own, even with home-help carers (also not-free unless you're savings are sub 20k).

So you might as well have a bit of fun with it.

 

[Venom]

They don't advertise it well but under certain circumstances even if they own a house you can get the care home paid for. My grandad had alzheimers. We paid for months, someone mentioned the clause. We took the money and put that towards a better home. I told someone at work they did the same.

 

[Venom]

Seeing the way my grandad died and seeing a relative recieve so called end of life care at home , both are bloody horrible. The so called carer staying with them was horrid, and git removed from her post.

 

[kingtreelo]

They don't advertise it well but under certain circumstances even if they own a house you can get the care home paid for. My grandad had alzheimers. We paid for months, someone mentioned the clause. We took the money and put that towards a better home. I told someone at work they did the same.

are you talking about deferred payments?

that is a council paying for someones care that eventually gets taken from the sale of the house they own

 

[Venom]

Nope. My mum just topped up the payment of the care home a basic rate was either paid by the NHS or council. It was an enabler to move him from a ok place to a "better place"
If you have a genuine need drop me a PM, and I'll ask my mum if it was this https://www.ageuk.org.uk/globalasse...ealthcare_and_nhs-funded_nursing_care_fcs.pdf

or something else.

It made a massive difference to the end years of his life and less stress and worry for my mum. The house was not sold until he passed away. He had some sort of asssement and they try to put you off but after about 6 months of hassle it all came through. He lived about 4 years I think after admission. Councils may differ but he was in Leicestershire where my family live and I passed on some details to a work colleague and he managed to get the same for Bristol, this was a few years back, so guess things may have changed. It was particular to the need of long term care and it being the brain.

 

[Bods]

The way I see it is if you purchased a Hoover for £200 and then sold it 2 years later working for £100 - You have lost £100 not made any money - I wonder if you can put that down as a loss ! lol. You get what I mean though.

Dave.

Exactly what I was saying years ago

 

[Bods]

Is it true that ebay,etsy,amazon etc have to declare your details to HMRC?

So if your employed and make extra income of more than £1000 per year selling on eBay you will be taxed?

At one point I had to answer a load of money laundering questions on Paypal, all stuff set out buy Government

They wanna know every penny you earn, tax you on it multiple times while them lot in government pull every scam and tax dodging trick out the book, government and bankers are organised criminals which is why they want you buying everything with card payments, online and digital money

Before I've finished paying online and have to enter coder received by txt, it tells me what how much and who the payment is going too, it's insane and people are okay with this

I noticed the other day in Muck Donalds, yeah I was desperate over New Year when nothing open, Paddington Happy Meal said Card Payments Only and some other offers

Wouldn't worry to much about selling stuff, only time I had HMRC on my back was when vile two faced neighbours must of spoke to em, found out a few years after woman up road works for em so no doubt they spoke to her. quick phone call and it was all sorted when I explained my hobby collecting this stuff, never heard anything again while selling stuff on ebay for years, now can't seem to shift much anyway

 

[TheDaddy]

At one point I had to answer a load of money laundering questions on Paypal, all stuff set out buy Government

They wanna know every penny you earn, tax you on it multiple times while them lot in government pull every scam and tax dodging trick out the book, government and bankers are organised criminals which is why they want you buying everything with card payments, online and digital money

Before I've finished paying online and have to enter coder received by txt, it tells me what how much and who the payment is going too, it's insane and people are okay with this

I noticed the other day in Muck Donalds, yeah I was desperate over New Year when nothing open, Paddington Happy Meal said Card Payments Only and some other offers

Wouldn't worry to much about selling stuff, only time I had HMRC on my back was when vile two faced neighbours must of spoke to em, found out a few years after woman up road works for em so no doubt they spoke to her. quick phone call and it was all sorted when I explained my hobby collecting this stuff, never heard anything again while selling stuff on ebay for years, now can't seem to shift much anyway

I may tell them my hobby is doing Electrical work & PAT testing for people !! lol.

Oh and I would NEVER do ANY cash jobs and not declare it

Dave.

 

[Bods]

In other VAT news, 20% VAT abolished on new goods!

https://www.bbc.co.uk/news/business-67855869

I have a small emergency cash stash too.

Good to see BBC Normalise Unrealistic Demographic & Unhealthy people in one photo too, thanks to Getty images. Sheep Farm guys were talking about Getty folks the other day

 

[Bods]

I may tell them my hobby is doing Electrical work & PAT testing for people !! lol.

Oh and I would NEVER do ANY cash jobs and not declare it

Dave.

Can imagine the amount of people trading cars without declaring it off the scale, all I see when looking at cars on ebay to buy was the same ones on a week later in different area with different seller and non business sellers

 

[Phils Arcade]

i had a convo with my uncle over christmas who has just spent 35k doing his garden up, he is married with no kids, no pets, the pair of them have great police pensions and once told me that i would inherit a fair bit of cash, i told them to spend as much of the money as possible on anything and everything, when they are dead and buried they cant see if i am enjoying the money they have left me

spend up folks while you are still young enough to enjoy it, seen way too many people stuck in care homes having their lifetime savings robbed from them

My parents had the foresight to sign their house over to my brother and myself over 25 years ago and their accounts are in joint names with us as well. Mum basically owns nothing now, but is all good.

 

[Phils Arcade]

I may tell them my hobby is doing Electrical work & PAT testing for people !! lol.

Oh and I would NEVER do ANY cash jobs and not declare it

Dave.

Chinese take aways have been doing the whole cash thing for years. Our local is all cash only as the machine is always broke.
Knew loads of taxi drivers that did/do the same thing, selling drink from the boot, as well as other things.

 

[Retroman839]

Seeing the way my grandad died and seeing a relative recieve so called end of life care at home , both are bloody horrible. The so called carer staying with them was horrid, and git removed from her post.

Yeh I looked after ( cared ) both my grandparents- for about 10 years One carer scolded him with boiling hot tea….
I started to sue them but my grandad insisted I didn’t carry it on .. so I stopped . They cost them . £9000 a
Month - private care co.
Then when monies ram out .
Council carers 2500£ a month.

My grandad drove a tank in Germany WW2 .. my Nan RAF recon from Dover castle.
The poppy apeal people never did anything for us . Not so much as a letter ? Even asking him if he was ok?
how many veterans from WW2 where alive in Nov 2023 ?
So I got me thinking what do they do?

Send all the monies up to the top brass - they draw a nice salary thank you very much That ferrari service isn’t cheap
And how els will the bill for the Balugar caviar & foie gras gat paid.

And you hear them cry but you need these top investment personal to reinvest the charity’s monies so that it is managed correctly,
When all the people from WW2 are sadly passed away .. will they still sell the red poppy ?
Yes
But I would love to know what they do with the money I.E. helping the aged war veterans

 

[Chopper79]

https://fb.watch/pnPFMZ-l8Q/

 

[Retroman839]

Maybe if labour win next election
This b******ks gets quashed:

Why pay tax twice ?
I say three times
On your wages First tax
When you buy you video game. 2nd tax @20 percent I believe correct me if I wrong ?

Now you give another 20 percent once sold on later .. tax number 3 no?

 

[Vorbis]

Only profit would be taxable surely, but finding a receipt for something you bought cash will be difficult......

 

[adammoogle]

Only profit would be taxable surely, but finding a receipt for something you bought cash will be difficult......

As I understand it, this has been around forever - the change is automatic reporting to HMRC (where as before they had to actively ask these sites for it which would only be if they'd already taken an interest in you).

Selling stuff you found in the attic for a profit is fine (up to an individual item value of £6k which is when capital gains tax kicks in).

Selling on a cab for the same or a little more money than you paid for it would fall into the no tax due bracket.

If you bought a project cab with the intent of restoring it and selling it on, that's a bit greyer, but so long as HMRC do not consider you a 'Trader' you shouldn't have to pay tax on any sales you have. So volume comes into play here. 1 cab? No issues. 10 cabs? HMRC might consider you a Trader.