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Posted Sat, 07 Dec 2024 15:41:04 GMT by getitright Thomson
The income from properties is declared and tax paid upon the profits. There is also a small amount of income from employment as a casual musician. Does this extra income qualify for the trading allowance of £1,000, or should this be declared alongside the income from the properties, and therefore taxed?
Posted Thu, 12 Dec 2024 13:57:18 GMT by HMRC Admin 20 Response
Hi,
Income from property is different to income from employment or self employment.  
While they all fall under the banner of income for tax purposes, they are separate and would be declared separately on a tax return.  
Your earning from casual musicianship, is self employment and would qualify for the trading income allowance of £1000.
Thank you.

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