Consultancy charges

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206 Points Posted on 30 April 2020
Income from consultancy (GST, Income tax etc).

Should be shown as professional income under pgbp??
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On 30 April 2020 at 20:17 Report
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Quick Summary
This discussion clarifies how to declare income earned from consultancy services for tax purposes in the UK. Participants debate whether it should be classified as professional income under the 'Profits and Gains from Business or Profession' (PGBP) head or as 'Income From Other Sources'. The consensus leans towards showing it as professional income under PGBP, allowing for related expense claims, especially if it's a regular activity.

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"Do the Right Thing...!!!"
128157 Points Posted on 30 April 2020
Yes... You can show the income as professional income under PGPB.
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On 30 April 2020 at 20:32
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Profession
28261 Points Posted on 01 May 2020
I hope u know the threshold limit...
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On 01 May 2020 at 10:36
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Practicing CA
75 Points Posted on 01 May 2020
Yes it should be shown as Income From Business. You can also claim expenses directly related for earning such income. And suppose if the frequency of the consultancy income is just one time and its not your main line of business then you can show it as Income From Other Sources.
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On 01 May 2020 at 10:41
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"Do the Right Thing...!!!"
128157 Points Posted on 01 May 2020
@ Mr Esh*ta S Shah.,

Is the above said income shown as Business...?!
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On 01 May 2020 at 10:46
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206 Points Posted on 01 May 2020
I can show above income as income from business?
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On 01 May 2020 at 11:08
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"Do the Right Thing...!!!"
128157 Points Posted on 01 May 2020
No...

Show as PROFESSIONAL income Under PGPB.
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On 01 May 2020 at 11:12
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206 Points Posted on 01 May 2020
Okkkkk
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On 01 May 2020 at 11:13
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Practicing CA
75 Points Posted on 01 May 2020

I meant as Professional Income under the head PGBP

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On 01 May 2020 at 11:24
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206 Points Posted on 01 May 2020
Okkkkk
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On 01 May 2020 at 16:23
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Eminia Trading
22 Points Posted on 17 December 2020

As far as I know, it should be shown as a source of income.

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On 17 December 2020 at 19:20

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