I earn about £8k from my part time job and bout £7k for my bursary. But i'm used to full time pay so want to do hair extensions from home but not sure how much i can earn before i must declare.
2007-02-26 10:04:52 · 7 answers · asked by Scarlett write 3 in Business & Finance ➔ Taxes ➔ United Kingdom
If you are going to become self-employed you will need to register with the Inland Revenue as being self-employed. Check www.hmrc.gov.uk for all details. Also they are very helpful if you need to call them about anything. The £30k-odd limit is irrelevant, you will have to do self-assessment, otherwise the income from this job will not be taxed.
In reply to another reply, you won't need to register for VAT - check limits for turnover, somwehere over £50k. There would be no point to voluntarily register as your fees you charge your clients would have to include VAT and thus make your service more expensive to them.
2007-02-26 10:08:48 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sapphire is correct and some of the other persons answering should be ashamed, yes register as self employed with HMRC within three months and just for the avoidance of any-ones doubt the rules in the UK are that if you think or could reasonably suspect that you are in receipt of income on which you have not been fully taxed you are obliged to request a tax return in order to declare and pay that tax which is due.
2007-02-26 11:08:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Are you saying that you want to be self-employed for the hair extension bit? You need to register yourself as self employed within 3 months of doing it and then you need to complete a tax return regardless of your income. You will enter all details of money earned in employment and self employment. The first £5k of any income is tax free, after that you have to pay.
2007-02-26 10:11:34 · answer #3 · answered by Rachael H 5 · 0⤊ 0⤋
I endorse Richard's reply. The Revenue and Customs website is v useful, as is your friendly local tax office. www.hmrc.gov.uk
2007-02-26 18:57:54 · answer #4 · answered by fengirl2 7 · 0⤊ 0⤋
You have to be a higher rate taxpayer. It's about £30k. But other legislation (eg VAT) may affect you.
2007-02-26 10:08:11 · answer #5 · answered by Anonymous · 0⤊ 1⤋
60k, answer from my partner whos an accountant and checked in a chartered certified accountancy book.
Good luck
2007-02-26 10:13:46 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I believe it is about 5.5K per annum but don't quote me on that.
2007-02-26 10:47:49 · answer #7 · answered by bootylicious 1 · 0⤊ 0⤋