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UK term
Trading allowance (UK)
A UK specific tax free allowance of £1,000 per tax year for casual self employed and side hustle income.
If your gross side hustle income in the UK is £1,000 or less in a tax year (6 April to 5 April), you do not have to pay tax or register for Self Assessment under the trading allowance. Above £1,000 you must register and choose between deducting the £1,000 allowance or claiming actual expenses. The trading allowance applies to gross income, not profit, and is separate from the £1,000 property allowance. Always check current HMRC guidance for the latest thresholds.
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