I want to register as self employed and declare what I'm making from framebuilding etc.
The Gov website says
"You need to set up as a sole trader if any of the following apply:
you earned more than £1,000 from self-employment between 6 April 2019 and 5 April 2020"
Emphasis is mine because this is the bit I'm not sure about.
Do they mean profit or turnover? Tax year 2019/20 is a moot point as I had less than £1k come in but this year I will go over that £1k threshold for money coming in but my outgoings will still be more than my income so the way I interpret it, I'll not have earned anything.
Am I looking at that the wrong way?