What to select when registering for Self Assessment
When registering, there are options like:
-income from dictorship
-income from land
-foreign income
-income over 100k
-child benefit
-untaxed income over 1k
None of these currently apply to me, but I want to sell on amazon and buy stock to sell. I tried to select none, but got an email from hmrc saying you don’t qualify or its not needed. What should I do?
Also can you earn PAYE from normal job as usual and fill in tax reports for income from amazon only?
Many thanks
7 replies
Seller_Wqg5EgqxuOwDD
You’d choose the last option, becuse that is what you are anticipating will happen. If subsequently you don’t reach 1K, you’ll just enter the actual figure on your tax return.
You tax return brings together your income from all sources so that HMRC can look at it in it’s entirety. Therefore PAYE will need to be included. Most times HMRC already know these figures so they are included for you automatically. If not though you take the figures from your P60 which your employer will give you, usually in April.
Seller_DROodOAYHftnc
Is this what you are seeing on the HMRC site when registering as self-employed ?
You probably need to register as sole-trader, as you obviously have another job.
This is where you do it:
If you have not filed a tax return before
- Register for Self Assessment and Class 2 National Insurance through your business tax account. You’ll need a Government Gateway user ID and password to sign in. If you do not have a user ID for a business tax account, you’ll be able to create one.
- You’ll receive a letter with your Unique Taxpayer Reference (UTR) number within 10 days (21 if you’re abroad). You’ll need your UTR to file a return.
Yes, though your tax return will have a section in it where you declare your income from your PAYE job, as all taxable income is combined.