Will you breach your personal savings allowance? “A basic-rate taxpayer can earn up to £1,000 in interest on savings without paying tax on it. This can be a nice bump – and many people won’t go over this £1,000 annual allowance,” said Brian Byrnes, Head of Personal Finance ...
This is your trading allowance and you don’t have to report income of £1,000 or less to HMRC. Once you make more than £1,000 within a tax year, it can be subject to Income Tax, depending upon how much taxable income you earn from all taxable sources. The £1,000 th...