Tracey Kirkpatrick & Co Accountants

27/02/2026

Lovely Mother's Day afternoon tea box from McFadden’s

31/01/2026

And that is it 2025 Self Assessment Tax Season ✔️

Making Tax Digital for Income Tax and Companies House ID Verifications are just two of the changes ahead. Get in touch if you would like our help📱07702828035 📧[email protected]

30/01/2026

As the 2025 Self Assessment deadline is approaching at speed, be reminded that if you have a return to complete and have not yet got it done a £100 late filing penalty will be issued.

💥The filing deadline is 31 January 2026, so you still have time 💥

🫟Get in touch if you would like our help with your 2026 return 🫟
🫟Call: 07702828035 or Email: [email protected] 🫟

21/01/2026

You can help by filling out the survey. 🏊‍♀️

16/01/2026

Frosty moody start from the office window this morning 💟

31/12/2025

As 2025 comes to a close🥂 We would like to wish clients, old and new 🥂 Friends, family and neighbours, near and far 🥂 A Happy New Year 🥂

25/11/2025

Not long now !!!

Making Tax Digital (MTD) for Income Tax is on its way. 📣

From April 2026, sole traders and landlords earning over £50,000 from self-employment and property need to use MTD for Income Tax for record keeping and quarterly updates. 📅

Find out how to prepare: 🔽

https://makingtaxdigital.campaign.gov.uk/?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=mtd

23/10/2025

There are 100 days to go until the 31 January 2026 deadline for filing your 2025 Self Assessment return online.

You don’t need to wait until the deadline to file your return 😀

12/03/2025

Local client embracing the online marketplace, congratulations Emma 👏

HENNA BROWS ONLINE COURSE IS NOW LIVE!!!!

Who is this suitable for?

If you are already brow trained this is an amazing addition to your treatment list. You NEED a HENNA certificate to use henna in your salons.

The henna course includes all relevant manuals and videos inc anatomy, health and safety etc

COMPLETE BEGINNERS - you can also do this course , however I will be adding an additional course on waxing and shaping that will also be required to purchase. This is coming in the next week or so. If you are a beginner please message me and I’ll let you know first hand when this is purchasable.

Course is accredited by ABT

Please share , many thanks

https://stan.store/EnvyAcademy/p/henna-brows--f1sved3x

06/03/2025

It’s a split screen kind of day here in the office. First day of Crufts 🐾, a must watch but one vat return still to be completed before tomorrow’s filing deadline ⏰.

21/02/2025

If you undertake a hobby in your spare time which generates income and you are lucky enough to get paid in cash or in kind, you might have to pay tax. The dividing line between income from an activity being taxable or not depends on whether it counts as a hobby or as a trade.

Are you trading?
Receiving payment in return for goods or services you provide doesn’t automatically mean that you’re trading. HMRC’s guidance sets out several criteria that must exist before a mere hobby becomes a business.

What about gifts?
The value of payments in kind, including unsolicited gifts, must normally be considered as income. Usually, you should value these at the amount of money you could sell them for. Therefore, the amount for tax purposes will often be much less than the cost of the gift to the recipient.

Exempt income
If your activity meets the criteria of a business, but the amount of income it generates is relatively low, it may be exempt from tax. The “trading allowance” allows you to receive up to £1,000 of income (before any expenses you incur) per tax year without having to declare it or interact with HMRC. The trading allowance applies automatically in this situation.

Depending on the figures, it may be more beneficial to disclaim the trading allowance to claim expenses against the income instead.

Compliance requirements
If your income is not covered by the trading allowance, you’ll need to register as self-employed with HMRC and complete self-assessment tax returns, even if you make a loss.

Even if currently your income is exempt or is derived from a hobby, you should keep records of it and any associated expenses to protect yourself in the event of questions from HMRC.

IN SUMMARY
Income from a hobby is not taxable. But if your hobby becomes a business the income is tax exempt unless it exceeds £1,000 in a tax year. When working out income you can ignore any costs incurred in generating it. The value of any gifts you receive must also be taken into account.

It is important to keep records to justify your position.

If you have questions, contact us we are happy to help.