Halesworth & Southwold Community News July 2018 7 HALESWORTH


dementia CARERS’ FUND


Self Employed? Running a Limited Company?


FInAL figures for our fifth birthday week events are now in. Our Pop-Up shop in i-chameleon made a grand sum of £1,734, and for the sponsored ‘memory walk’, £2,600 and counting. huge thanks to everyone who contributed in any way at all; helping, donating goods of any sort for the shop and raffle, walkers and their sponsors and also to the Lions for their invaluable help on the day of the walk. With the final closure of our beloved Rayner Green Resource Centre, we are receiving more and more requests for our help. We need support from you all with more donations to enable the respite service to continue to offer some hours for family Carers to have a much needed break. We receive no nhS or government support. every penny we spend we have raised ourselves whether by grants or our own fund-raising activities. It is very hard work for such a small, and, we must admit, ageing, committee. We need more people to help us, also some younger people on the committee to ensure this vital work continues. If anyone out there feels they can offer some help continue the work then please contact our Chairman, nikki Sawkins, on 07733 668221.


our President, Patrick Cox, was 80 in June and asked for donations to hdCF instead of birthday presents. he and we thank everyone who made generous donations totalling a magnificent £300. We all hope everyone enjoys a wonderful summer and holidays. Paddy Flegg Publcity


FOR those of us with a hobby that either involves making craft goods, or collecting things such as antiques or models, we may well be regular participants at craft fairs, exhibitions or swap meets specific to our own particular interests. however, frequent “trading activity” could be viewed by hM Revenue & Customs (hMRC) as a business rather than a hobby and here is where things become a little more complicated. Firstly, let’s put things in perspective. If you use a car boot or an online auction site maybe once or twice a year in order to sell off personal items that you no longer have need for, you are not trading and have nothing to fear from hM Revenue & Customs. (True, if you are selling a really high value item, you may be exposed to Capital Gains Tax but I will come back to that in a


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Our fifth Annual General Meeting will be held on Wednesday 11th July at 2pm in the Stables at the Angel hotel, halesworth. everyone is welcome and we would love to see as many as possible. It may encourage some to join us... we can hope. There will be the usual reports of the work we do and also two interesting speakers, followed by tea and cakes. Our next film to be shown a


week later on Wednesday 18th July, is a comedy ‘’Finding Your Feet’’ starring Imelda Staunton, Celia Imrie, Timothy Spall and many more. Tickets at £5 will be sold at the door until 2.45pm for a 3pm start, as will raffle tickets and Jill’s lovely hand-crafted greeting cards. Please come and share a convivial afternoon with us. Any donations of raffle prizes will be most welcome. Last, but certainly not least,


When is a hobby classed as a trading activity?


moment). This is different from buying an item in order to resell it at a profit which is a trading activity. Yes, the purchase of a single item can be classed as a trade.


Complexities arise where you


may have a partially or self- funding hobby. For example, were you to purchase a job lot of cigarette cards purely to obtain one specific card for your collection, before reselling the others, you may be recycling your collection in order to improve it. Instead, (arguably from hMRC’s point of view) if you purchased the job lot knowing the value of the whole but without knowing of the existence of that one special card, then that again is a trade. To alleviate the necessity


of having to register for Self- Assessment for occasional sundry trading activities, hMRC introduced a £1,000 trading allowance from April 2017. (There is another one very similar available for sundry rental income for people who may let out their driveway, for example). The allowance is given automatically and means that if your turnover (total trading receipts) is less than £1,000 you need not tell hMRC and need not to include it on your Self- Assessment Tax Return (if you already file one), although if you do file already for other reasons, a “white-space note” may be prudent. The trading allowance


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is also available against more traditional sources of trading activities such as undertaking odd-jobs but there are anti- avoidance measures in order to prevent employers taking advantage of the allowances when paying their staff. Although the allowance is


given automatically, you can elect to disclaim it. This may be for pension purposes or, for example, your trading expenses exceed your income. This would give the possibility of loss relief although if hMRC argue that what you actually have is a hobby, then loss relief would not be allowable against other income. VAT, however, is a different


issue. Whilst the threshold for registration of VAT is a turnover of currently £85,000, if you are already VAT registered, you would need to charge VAT on any income or goods sold through your part-time activities as well, even though you may be able to claim the £1,000 allowance. The above all relates to income


tax and the business taxes of nIC and VAT. Capital Gains


Tax (CGT), however, can arise on the profit for any sale of an individual item (or collection of items) not otherwise subject to income tax. Some items, such as cars, are specifically exempt from CGT (otherwise everyone in the country would be permanently making capital losses) and there is also a “Chattel exemption” of £6,000 per item/collection in order to exempt lesser value items from this tax. This means that only high value items (for example paintings) are likely to exceed the chattel exemption – available


in addition to your annual CGT allowance of currently £11,700 – and ultimately become subject to the CGT. For further information on any


of the above points or to discuss your tax affairs generally, please do not hesitate to contact Robin Beadle at ensors Chartered Accountants, Saxmundham on


01728 603005. This article seeks to address general business


and financial issues and due care has been taken in its preparation. Ensors cannot accept responsibility for loss incurred by any person, company or entity as a result of acting, or failing to act, on any material in this publication. Specialist advice should always be sought in relation to your particular circumstances.


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