Flashcards in Self employed Deck (3)
When do you have to notify HMRC when you are near to exceeding the £85k VAT limit
-have to notify Hmrc within 30 days of the end of the month in which limit was exceeded.
-they will then be registered from the first day of the second month after exceeding the limit
-for example if the limit is exceeded during April 2018 then notification must be made by the 30th of May 2018 and the trader will be registered from 1st of June 2018
What amount of trading income do you not have to pay tax on?
Trading income of less than £1k doesn’t have to be declared. Can receive this £1k allowance rather than deducting expenses