Sharing Economy + Self-Assessment = Bummer!

First, the good news – you can get tax breaks of up to £2k if you have been working within the “sharing-economy” since March 2016.

Next the bad news – does anybody truly know if they have been working within the “sharing economy” since March 2016?

Well, if you are an Airbnb’er, (especially one who rents their entire property as opposed to just a room or closet under the stairs), or you like to sell stuff on eBay or Gumtree, then you best check if you need to register for Self-Assessment with HMRC. The deadline to submit your return is Jan 31st, 2017.

Hurry, hurry, chips and curry.

HMRC, reveals “multi-award winning online accounting system specifically-designed to meet the needs of micro businesses, freelancers, contractors and their accountants” start-up FreeAgent, has created 9 “Badges of Trade” designed to help you, the wheeling, dealing, modern-day Delboy, work out if you need to register.

Badges include if you “aim to make a profit”, borrowed cash to make a purchase (with the intention to re-sell, or bought something that didn’t interest you personally and sold it on quicker than you can say “Trotter’s independent Traders”, then it could be time to pay the piper.

If you wear the badge, expect to be badgered. Cue thousands of traders protesting their innocence. “Honestly guv, my family have kept a warehouse full of mop and buckets for generations, myself, I love a wooden broom-handle, but the wife says aluminium is the future.

Rumour has it Jeremy Corbyn runs a lucrative second hand manhole cover business.

%d bloggers like this: