Trading Allowance
Posted: December 15th, 2023, 11:47 am
I took early retirement earlier this year. I am looking to do some small scale work to keep me active and to add a little bit of funds towards my hobbies.
I thought that one of these pieces of work could be put through the £1000 Trading Allowance. It is casual work invigilating for exams. The organisation that I may be working for make clear that I am an appointee and am not an employee. That is fine by me.
They go on to say that I will be paid through PAYE and receive a P60 at the end of the year.
Would this mean that I would not be able to use the Trading Allowance to avoid paying tax?
I normally complete a tax return so would it be possible to reclaim the tax through the Trading Allowance when I complete my tax return?
Corvid
I thought that one of these pieces of work could be put through the £1000 Trading Allowance. It is casual work invigilating for exams. The organisation that I may be working for make clear that I am an appointee and am not an employee. That is fine by me.
They go on to say that I will be paid through PAYE and receive a P60 at the end of the year.
Would this mean that I would not be able to use the Trading Allowance to avoid paying tax?
I normally complete a tax return so would it be possible to reclaim the tax through the Trading Allowance when I complete my tax return?
Corvid