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Old Dec 07, 2005, 11:28 AM
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Bicester, UK
Joined Sep 2005
2,372 Posts
Hi Hogster

in practice, the Inland Revenue will only be interested in you when you start to make taxable profits. If you spend all the income on r/c gear, most of which would be fixed assets, which you can write off against tax over 3 or 4 years, unless you are earning vast sums of money, they are not going to be interested in you.

However, it is worth keeping all your receipts and paperwork. Because if you do start making profits, you will be able to claim back for your purchases (backdated several years - can't remember the exact figure).

In practical terms. If you are not already a UK taxpayer, you can earn 5 grand with no worries. If you are already a UK taxpayer, it may be better to think of it as a self-funding hobby - as long as you don't make large profits.

But keep all your records in any case.
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