Stock market and permitted work?

Lostsoul13

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 

L_Volunteer

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 

Lostsoul13

Thanks that was helpful..