Hi, I have made some money on an online venture from the uk, a friend is claiming half as they told me how to make the money. For tax purposes what is the best way of declaring the money I have had to pay my adviser?
2007-06-13 08:57:47 · 3 answers · asked by Phil R 1 in Business & Finance ➔ Taxes ➔ United Kingdom
As the other's have said, it might be acceptable for your friend to invoice you for consultancy fees - however if your friend has acted in a capacity as more of a business partner than an advisor (e.g putting up capital etc.) it might be better that you formalise the agreement and register as a partnership.
2007-06-15 05:34:52 · answer #1 · answered by notmarriednochildren 4 · 0⤊ 0⤋
Ask them for an invoice which has their self employed tax reference number on it. (Used to be called a schedule D)
2007-06-13 09:03:34 · answer #2 · answered by Jon Soundman 4 · 0⤊ 0⤋
I agree with Jon. Get them to invoice you. You would show the payment to them as a deductable expense.
2007-06-13 12:04:53 · answer #3 · answered by jdkilp 7 · 1⤊ 0⤋