Subject:
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Re: Brickshops and Taxes???
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Newsgroups:
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lugnet.market.brickshops
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Date:
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Wed, 23 Apr 2003 21:18:19 GMT
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Viewed:
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1721 times
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Chris Phillips wrote:
> I'm not sure if this is applicable, but in my tax software, I am prompted
> for "hobby income" which can apparently be written off up to the level at
> which you invested in said hobby. So for example, if LEGO is your hobby and
> you spent $1,000 on LEGO last year and made $1,200 selling extra bricks
> during the same period, you would only be required to pay taxes on the extra
> $200. (I hope you saved your receipts!)
Of course, the laws for Tax in the UK are quite different. I'm
certainly not an accoutant either, but I can comment on a few things.
If fact, a great many people in the UK don't even have to do their
tax return, but it's required if your tax is the slightest bit
complicated. In this case, even if you declared it, you probably
wouldn't pay any tax. The reason is that you're allowed up to 4500UKP
in self-employment per year before it's taxed.
As I said, I'm not an expert, and the conditions under which this apply
could well be quite complicated, so if anyone knows better, then feel
free to comment.
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Message is in Reply To:
 | | Re: Brickshops and Taxes???
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| (...) I'm not sure if this is applicable, but in my tax software, I am prompted for "hobby income" which can apparently be written off up to the level at which you invested in said hobby. So for example, if LEGO is your hobby and you spent $1,000 on (...) (21 years ago, 9-Apr-03, to lugnet.market.brickshops)
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