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Should you be paying tax on your activity or Hobby?

Tax paid on a hobby in the UK.

When an individual has a hobby in the UK and makes a profit from it, it’s taxable by the revenue.

This video explains how it could turn into a trade and you would have to register with the HMRC.

The taxpayer would have to register their trade with the HMRC and pay tax on profit made from the business.

The individual is expected to register with the revenue by the 5th of October after the tax year the trade started.

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