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Confused about UK tax?

  • BWoodss Friday, March 23, 2018 10:29 PM Reply

    Hi


    I run a small shop and use suppliers like dx to buy products to sell. I'm making a small profit at the moment but don't want to sell tons more because my confusion - how will this shop affect my income tax? I'm working part time and make just under the basic income tax band according to this calculator. Does income from my shop count as income tax? (Not advertising my shop - there are no links & username is totally irrelevant to it before I make the mods angry) Hope to hear from someone soon!


    Thanks

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  • J_ellis Tuesday, June 12, 2018 11:56 PM Reply

    Hi


    As you are selling as a business to make profit you are liable to pay tax on all income you make. I personally used this salary calculator: http://salary-calculator.org.uk/. You can also claim on some items - check HMRC's website for more information.


    Hope this helps :)

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