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trading allowance

  • Member
  • Practice Licence
  • 8 posts
  • # 118046

Hello,

I am a bookkeeper in practice with a turnover of about £6000 a year.

I am thinking of trying to sell handknitted blankets.

Would any money I make from blanket sales have to be added to my turnover from bookkeeping or can I make up to £1000 without declaring it under the trading allowance rules ?

Thankyou for any guidance

  • Companion Fellow PM.Dip
  • Practice Licence
  • 234 posts
  • # 118050

Hi Donna,

If you are registered as self employed and submitting self assessment returns, you will need to declare all of your income but, as I understand it, you can choose to apply the trading allowance to just the income from the blanket sales. However, please be aware that you then won't be able to claim any business expenses from the blanket business or your bookkeeping business.

There may also be other things to consider and this is provided for information purposes only. As an ICB Member why don't you call your free Technical, Tax, VAT and Legal advice line on our main number 0203 405 4000.

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