It can be if from "side business" only

As per the excerpt from HMRC which you posted that £1000 limit is gross trading profit from 1 or more trades.

So if you are trading as an electrician and trading additionally as a scrap metal dealer as you suggest then the gross trading profit will be the combined profit of both trades.
 
Can you verify this? I can find no information from HMRC to suggest you are correct.
I dont think you can find info to every possible scenario on HMRC website. They allow you to run several businesses as self employed and have more then one UTR, or have several ltd companies or be employed and self employed at the same time. So for example in this case i am employed and my taxes, ni and so on are taken care of. I then open another business as self employed collecting scrap. Since i dont earn more then £1000 i dont have to declare it. At least that's how i interpret this.
 
I dont think you can find info to every possible scenario on HMRC website. They allow you to run several businesses as self employed and have more then one UTR, or have several ltd companies or be employed and self employed at the same time. So for example in this case i am employed and my taxes, ni and so on are taken care of. I then open another business as self employed collecting scrap. Since i dont earn more then £1000 i dont have to declare it. At least that's how i interpret this.

It doesn't matter how many businesses you run as a self-employed individual, your combined income from those businesses constitutes your gross income where self-employment is concerned.

If you are an employee, paying PAYE tax, and also self-employed in another capacity, then all of this will be detailed on your tax return. One instance where this £1000 trading allowance would be relevant, is in circumstances described in your last sentence (and in my last post), where a small business is running on a self-employed basis, alongside PAYE employment, and which generates less than £1000 of income. In these limited circumstances you would not have a tax liability on these additional earnings of less than £1000 and may not necessarily have to fill a self-assessment tax return (although you still may have to, depending on what HMRC decide).

As for the OP? Well they 'want to keep their books in order', which suggests existing self-employment, and any additional revenue would certainly be taxable.

No one has disputed the existence of this £1000 trading allowance, nor the fact that many people can benefit from it. What is disputed is your original statement about the allowance and how the OP may be able to benefit from it, for the purposes of selling scrap cable. My original comments stand as does my advice about consulting a tax advisor. It makes no sense for anyone to set themselves up for a tax investigation on the basis of following poor advice to save 20% on a small amount of money.
 
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stokielee

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Do you have to pay tax on scrap copper?
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