I am thinking of setting up a gardening business on my own. I am currently in full time work so any work i do will be on a weekend only. Does anybody know if you have to inform the inland revenue about such work?
2007-01-31 02:34:34 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
Yes you do, but a lot of people would not bother.Don't forget you can set your expenses against earnings.Transport ,tools,advertising, phone calls , and any other thing you can think of.
2007-01-31 03:00:11 · answer #1 · answered by Xtine 5 · 1⤊ 1⤋
You should declare all your earnings to the inland revenue and they will decide how much tax you should pay. But if you are only earning the occasional £20 it's debatable whether it's really worth the paperwork. I suggest if you have any doubts you contact your tax office, tell them what you are hoping to do and ask what the procedure is. Then you can't be wrong. Here's a tip, open a special bank account, preferable interest bearing and put the maximum amount of tax you would be due to pay on each job in it. Then when it comes to paying it the money is there, and you have earned a bit of interest.
2007-02-01 10:58:56 · answer #2 · answered by gerrifriend 6 · 0⤊ 0⤋
Yes you do have to declare it and register for tax returns.
There are teams in the Inland Revenue that are paid soley to track down people who do not declare their full income and there are teams in every area.
They act on confidential tips, review advertisements and review whole sectors under close scrutiny etc
If you choose not to declare as advised by other answers then the penalties are harsh. Fined for not declaring within the specified time, fined for delays in returning the returns, fines for non co-operation, interest on the tax oh and the tax that should have been paid.
Pretty much the advice is just register.
2007-01-31 20:06:38 · answer #3 · answered by Cyfran 2 · 0⤊ 0⤋
Contact your local Her Majesty's Custom and Excise Office and they can advise you on tax issues. If you already work during the week and earn more than your personal allowance, then you will have to pay tax on what you earn on your weekend gardening job. In my experience, there's always a lot of tax to pay when you have a second job
2007-01-31 10:42:04 · answer #4 · answered by pianowez 3 · 1⤊ 0⤋
Legally yes, you have to declare income from all sources. But in saying that, How many do so?
2007-01-31 10:42:29 · answer #5 · answered by Anonymous · 0⤊ 1⤋
It depends if it exceeds over a certain amount. I have a weekend job, i get £50 a day cash in hand. I dont declare sh!t. Whats the point. They are wan*kers the government. Keep it to yourself.
2007-01-31 10:45:43 · answer #6 · answered by london lady 5 · 0⤊ 4⤋