The trading allowance is a tax relief mechanism that allows individuals to earn up to £1,000 from self-employment or casual services (e.g., gardening, babysitting) without having to pay tax or report it to HMRC. This allowance is also applicable for income from selling items on platforms like eBay and Depop. Key Points of the Trading […]

As well as a mechanism for collecting revenue, the tax system is also used to encourage certain behaviours and discourage others. Once example  where this is evident is in the way in which company cars are taxed. To encourage company car drivers and their employers to make environmentally-friendly choices, the taxable amount increases as the