Working on the side and full time - tax query

Starting or running your own business ?, then this is the forum for advice and ideas on all aspects of running a small business or self employment. (NO Affiliate links allowed)

Working on the side and full time - tax query

Postby roysten on Sat May 13, 2006 12:36 am

I've been a Kleeneze distributor for a few months now and it's going well - but I'm slightly concerned about the tax situation.

I have a full-time job too and pay tax at the basic rate through PAYE, how do I go about declaring my Kleenze income and how is this likely to be taxed?

is there a minimum threshold that the Inland revenue ignores i.e. for self employment ?

Thanks for any help !
roysten
Stranger
 
Posts: 7
Joined: Sun Feb 19, 2006 7:17 pm

Postby Nadeem on Sat May 13, 2006 12:46 am

The inland revenue rules are that you need to register within 90days of becoming self employed. Else they may fine you upto £100.

Their helpline number is 08459 15 45 15.

They will send you a self assessment return which contains a section for self employed income
User avatar
Nadeem
Veteran Investor
Veteran Investor
 
Posts: 639
Joined: Sun Jul 11, 2004 11:57 pm

Re: Working on the side and full time - tax query

Postby Deborah on Tue May 16, 2006 1:20 am

roysten wrote:I've been a Kleeneze distributor for a few months now and it's going well - but I'm slightly concerned about the tax situation.

I have a full-time job too and pay tax at the basic rate through PAYE, how do I go about declaring my Kleenze income and how is this likely to be taxed?

is there a minimum threshold that the Inland revenue ignores i.e. for self employment ?

Thanks for any help !


Do as Nadeem suggests and register with the Inland revenue for self assessment. You will be taxed at basic rate or 22% on the PROFIT, unless your a higher rate tax payer.
User avatar
Deborah
Veteran Investor
Veteran Investor
 
Posts: 418
Joined: Mon Jul 12, 2004 4:36 pm

Postby newsaver on Fri May 19, 2006 5:03 am

Crikey ! I think I need to register ! I always thought you had to earn more than £4,500 from working at home before you needed to tell the tax man !
newsaver
Newbie
Newbie
 
Posts: 12
Joined: Mon Feb 28, 2005 12:21 am

Postby Sarah on Thu May 25, 2006 12:10 am

if you have any queries you can give them a call or go down to your local tax office and I am sure they will clear things up about what you need to do.
User avatar
Sarah
Money Manager
Money Manager
 
Posts: 875
Joined: Fri Jul 16, 2004 3:04 pm

Postby Phillipa on Sun Jun 04, 2006 2:21 am

Heres a link to the inland revenu page for registering

http://www.hmrc.gov.uk/individuals/tmas ... ment.shtml
User avatar
Phillipa
Veteran Investor
Veteran Investor
 
Posts: 419
Joined: Sat Feb 05, 2005 6:36 am

Re: Working on the side and full time - tax query

Postby robbiefoster2012 on Thu Dec 10, 2009 12:57 pm

Yeah you should register for inland revenue. You still have time before they fine you. So hurry up!
robbiefoster2012
Saving Enthusiast
Saving Enthusiast
 
Posts: 152
Joined: Wed Dec 02, 2009 8:59 am


Return to Working for yourself, small business and self employment



   
Website Designed and Mantained by Walsoft.net
 
cron