Where can i find info that will help me?
2007-01-07 06:51:01 · 6 answers · asked by fionakhondoker 1 in Business & Finance ➔ Taxes ➔ United Kingdom
I'm a Inland Revenue Officer and being self employed meets the Self Assessment criteria. There is no threshold before you have to declare. Website below.
2007-01-07 07:14:04 · answer #1 · answered by Cyfran 2 · 1⤊ 0⤋
As mentioned above you must always declare if you are earning money regardless of amount. You have a personal allowance each year that is the tax free amount you can earn. For 2005/06 it was £4895 and for 2006/07 it is £5035 so if you only earn this amount, although you would need to complete a tax return before 31 Jan following the tax year, you would not have to pay any tax. The best website is the HMRC website or a local office.
2007-01-07 09:33:46 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The question you have to ask is whether or not you are self-employed. Income suffers income trax in any case. If you do not have a profit motive, but earn some income, it is taxed but does not suffer NIC. For instance, I was an amateur football referee for many years. Most years I made a loss but in the years I made a small profit (the biggest was a whopping thirteen pounds) I paid tax on the profit but did not pay NIC. That is because my motive was enjoyment (sick, I know) rather than making money off a small fee which hardly ever covered my expenses.
NIC can actually be a bigger problem than tax. You will note that the taxman gave a technically correct answer but omitted to tell you everything.
2007-01-07 10:57:56 · answer #3 · answered by skip 6 · 0⤊ 0⤋
All business profits are taxable regardless of the amounts.
What you may be thinking of relates to hobbies. A hobby is not a business activity as profit is not the motive. Occassionally an item relating to this hobby may be sold (as surplus to requirements, say). Even if this generates a profit it would not be taxable.
HMRC are generally happy to ignore income from hobbies providing the turnover is less than £800 per year. This is just a working figure, though, and is not written into law. It helps in situations where an activity starts off as a hobby and develops into a business. It gives a reasonable point at which it might be assumed that there is now a profit motive.
2007-01-07 19:46:27 · answer #4 · answered by tringyokel 6 · 1⤊ 0⤋
Go to HMRC website. I am pretty sure that you have to declare everything that you earn, even if it not enough to pay tax on.
2007-01-07 06:59:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You have to declare yourself as soon as you make any money as you will need to pay tax on it.
2007-01-07 06:58:11 · answer #6 · answered by agius1520 6 · 0⤊ 0⤋