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Selling stuff at a market? Work two jobs? Help

Ok so, Do market traders have to pay tax? I plan to sell arts and crafts, so does that count as self employed? However, I suspect I will not make enough money by just doing that and plan on doing another job beside the market, so does that count as two jobs, so I have to pay two taxes? Thank you
(edited 7 years ago)
Reply 1
Avatar for Candy55
Candy55
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13
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if you make less than £11k a year you dont have to pay, but i am not 100% sure.
Original post by Candy55
Ok so, Do market traders have to pay tax? I plan to sell arts and crafts, so does that count as self employed? However, I suspect I will not make enough money by just doing that and plan on doing another job beside the market, so does that count as two jobs, so I have to pay two taxes? Thank you


To answer your original question you have to declare all your earnings, whether there is a tax charge due at the end of the period is irrelevant.*
Market traders don't know the word tax.

Anyone on here who makes a big noise about Apple or Amazon or Starbucks paying low levels of tax, go down to your local market, cafe or barbershop and meet some "real people" who wrote the book on tax evasion.
Original post by Trinculo
Market traders don't know the word tax.

Anyone on here who makes a big noise about Apple or Amazon or Starbucks paying low levels of tax, go down to your local market, cafe or barbershop and meet some "real people" who wrote the book on tax evasion.


I was out at an establishment once and literally saw two sets of books.*
Reply 6
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Gadero
1
No one who takes cash in hand pays tax (well the honest ones do, but there's few of them)
Reply 7
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Candy55
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13
Original post by J-SP
You'd either set up as a sole trader or a limited company for your market work.

Depending on what structure works best and what advice you'd get on whether to take income/dividends, and how much money you make in terms of profit, you would pay either corporation tax or income tax.

You'd have to submit annual returns to HMRC for your business anyway and you'd have to declare any personal income (salary/dividends) from you market work + your other job. HMRC would then calculate how much tax you'd need to pay across both sources of income. With the market stall work you'd pay tax at the end of your financial year, and any job is likely to mean you pay income tax as you earn.


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Thank you, what you said is absolutely correct because that's exactly what my local council told me :smile:

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