68. Income tax charge on the profits of trade, profession or vocation.

The Income Tax (Trading and Other Income) Act 2005 imposes charges to income tax on the profits from a trade, profession or vocation1. Individuals with trading income (and miscellaneous income) below £1,000 do not need to declare or pay tax on that income. Individuals with trading income above the £1,000 trading allowance can calculate their taxable profit either by deducting their expenses in the usual way or by deducting the allowance