How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15946
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

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: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.

Hi.

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

Customer: replied 1 year 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 1 year 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 1 year 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 1 year ago.

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

Expert:  TonyTax replied 1 year ago.

Hi.

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