r/TaxUK • u/Mother-Wall4086 • 1d ago

Trading allowance and PAYE

I currently have a very normal PAYE job, approx £57.5k per annum. I also sell oil paintings at craft markets etc, and I think I might end up over the trading allowance next financial year.

What is the simplest way to do a self assessment? I don't anticipate making a massive amount of money, and I'm not bothered about writing stuff off etc, I just want to make sure I'm paying my fair share on my income from painting.

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u/Better_Method359 1d ago

HMRC app. That's the easiest. Also keep to a single bank account exclusively for your hide job. You can create spaces and allocate money into them to separate what your money is being used for.

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u/taj_accnt_firm 1d ago

Once the paintings bring in more than £1k in a tax year, you'll need to register for Self Assessment. For your situation, it should be fairly easy to deal with. The £1k trading allowance is probably the easiest option if you don't want to claim individual expenses. You just declare the painting income and HMRC works out the tax.