The new "trading allowance"
In a move to support the digital and sharing economy you can get up to £1,000 each tax year in tax-free allowances for property or trading income from 6 April 2017.
Under the new rules, sellers running small businesses online will not be taxed on the first £1,000 profit they make, which means that it does not need to be declared.
For me, this is the bit that, causes some confusion as to whether it relates to income or profit. The various bits of guidance that I've looked at are not that clear/can be quite contradictory and I think some tax 'specialists' may not be clear.