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£1,000 trading allowance

Other income on SATR & a hobby with less than £1,000 income

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Hi. An individual is a director & shareholder in a limited company so they have dividends and salary income and also have a sole trade as a swimming coach which does not qualify for trading allowance as the income is too high and they also have rental income.  During the tax year 5 April 2020, they have started a beekeeping venture which they describe as a hobby.  I beleive that an individual has an obligation to report all sources of income as this determines the tax brackets their taxable income falls into.  Should the "hobby" be entered into their 2019/20 SATR even though this first year their expenses of £1,825 exceeds the income of £380?  Is a loss allowable to be utilised since they have other sources of income?   

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By paul.benny
28th Dec 2020 17:17

What does your accountant say?

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Stepurhan
By stepurhan
28th Dec 2020 17:22

Why anonymous? Apart from the obvious reason suggested by one of your questions.

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RLI
By lionofludesch
28th Dec 2020 18:22

Is this individual you ?

If it is, it saves time if you just say so.

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By Paul Crowley
28th Dec 2020 19:01

If you use the word hobby I suspect you know the answer
But confused by trading allowance?

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By memyself-eye
28th Dec 2020 19:34

Director, shareholder, sole trader, landlord.....and a 'hobbiest'

Wow.

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Replying to memyself-eye:
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By Paul Crowley
28th Dec 2020 19:45

And still not considered getting an accountant?

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Replying to Paul Crowley:
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By memyself-eye
28th Dec 2020 20:56

Hobbiests don't 'kneed' our help, they have enough 'dough' to keep them above the 'breadline'
Our roles will soon be 'toast'

Oops!

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By SteveHa
29th Dec 2020 10:38

Sounds to me like the bee-keeping is not a business conducted with the expectation of profits.

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RLI
By lionofludesch
29th Dec 2020 10:44

The swimming coach business qualifies for trading allowance. It's not dependent on turnover - if that's what you mean by income.

Whether it would be advantageous to claim is another matter.

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By Wanderer
29th Dec 2020 10:48

Why's this been written in the third person?

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Replying to Wanderer:
RLI
By lionofludesch
29th Dec 2020 10:54

Could be homework.

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