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Stock market and permitted work?

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Lostsoul13
Lostsoul13 Community member Posts: 94 Connected
Hi I was thinking in investing in the stock market and trading short trades- I want to stick to my tax free allowance or if I can be self employed and earn the 152 a week?? Would this be permitted? What would I put on the form for permitted work? Will I still need to do a self assessment for tax if I stay in the tax free allowance or the 152£ a week?? Many thanks 

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  • L_Volunteer
    L_Volunteer Community Volunteer Adviser, Scope Member Posts: 7,981 Disability Gamechanger
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    Hi @Lostsoul13. Thank you for reaching out to us.

    It would seem it would depend on how many weeks you earnt £152 for. The Government currently says the following about who must send a tax return:

    "You must send a tax return if, in the last tax year (6 April to 5 April), any of the following applied:

    • You were self-employed as a 'sole trader' and earned more than £1,000 (before taking off anything you can claim tax relief on)
    • You were a partner in a business partnership
    • You earned £100,000 or more
    You may also need to send a tax return if you have any untaxed income, such as:

    • Some COVID-19 grant or support payments
    • Money from renting out a property
    • Tips and commission
    • Income from savings, investments and dividends
    • Foreign income"
    I hope this is at least semi-helpful. I hope this helps, the link also includes information on when you may choose to (but not have to!) complete a tax return.

    Please don't hesitate to let us know if there's anything else we can do to support you  :)
    Community Volunteer Adviser with professional knowledge of education, special educational needs and disabilities and EHCP's. Pronouns: She/her. 

    Please note: if I use the online community outside of its hours of administration, I am doing so in a personal capacity only.
  • Lostsoul13
    Lostsoul13 Community member Posts: 94 Connected
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    Thanks that was helpful.. 
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