Did you know that from April 2017 you’ll be able to earn £1,000 tax–free from occasional jobs? What I mean by that is arts and crafts type things, try selling your jewellery and artwork at craft fairs or on websites like Etsy, Folksy, Redbubble or Ebay.
It was announced in the Budget last year that this would happen and tax-free money for anyone is a good thing. Now is the time to turn that hobby into something more. You don’t have to conquer the world with it, just dip your toe in for the moment. See if there is any interest in your paintings, or if you create knitted items for instance.
Activities such as giving lifts, babysitting and sharing power tools are included alongside selling items online. A second allowance will apply to property-related income, like renting out a room, driveway or loft storage.
It essentially means that you won’t have to declare the first £1,000 earned via each of these means.The government said that it would provide a “tax break for the digital age” and promised there would be “no forms to fill in, no tax to pay”.
Do you have a talent which you could turn into some cash? Let me know over on Twitter. Now is the time to put it into action to begin selling from April!