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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I am an employed teacher with tax code of 1060L but

Customer Question

Hello
I am an employed teacher with tax code of 1060L but have as a separate venture have run a small paid for activities club for children. This after expenses makes a small profit of £1,000 - does this fall under a current thresh-hold for a tax return? or because through my pay cheque I am claiming my tax free amount must I submit a tax return. Thanks
Submitted: 7 months ago.
Category: Tax
Expert:  TonyTax replied 7 months ago.

Hi.

Is the activities club a continuing source of income for you?

Customer: replied 7 months ago.
but this will be its last year - I am finishing in July - I set up a business running 6 clubs in 2005 and for the last 5 years it has been 1 club. I have submitted returns since 2005
Expert:  TonyTax replied 7 months ago.

Thanks.

As you have been submitting tax returns since 2005, the 2016 and 2017 tax returns should be the last ones you need to complete. Whilst some income can be taxed through a PAYE code being operated on another income source (your teaching salary in your case), income from self-employment usually needs to be disclosed in a self-assessment tax return.

I hope this hel[ps but let me know if you have any further questions.

Customer: replied 7 months ago.
I understand that self employment needs to be disclosed in a self assessment tax return as this what I have been doing for the last 10 years. My question was as my income from my self employed business has fallen to £1,000 is this under a threshhold which means I do not need to disclose it via a self assessed tax return?
Expert:  TonyTax replied 7 months ago.

No, it isn't. You will need to continue wth tax returns until you stop being self-employed.

Expert:  TonyTax replied 6 months ago.

Hi.

I'm just following up to find out if my answer helped or if you have any further questions.

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