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Doing some extra-curricular work for a friend, what do I need to do about tax etc?
Someone said to me, that if it's below x-amount I don't need to declare it.
So before all the cash goes on something shiney and bouncy, any advice would be appreciated.
Posted : 14/03/2015 4:09 pm
Your friend is wrong, you need to declare it.
Posted : 14/03/2015 4:15 pm
If you're earning more than the income tax threshold in your main job, which I suspect you are, tax will be due on any extra income.
So, in short, HMRC are owed their cut, and, unless you're a multimillionaire (which I suspect you are not), you will be pursued to the end of the universe over it if they find out.
Posted : 14/03/2015 4:17 pm
If its not a lot, pay it all into your pension.
Posted : 14/03/2015 4:23 pm
Cash in hand is your friend. Shhhh
Posted : 14/03/2015 4:43 pm
Is tax avoidance only wrong if you are very rich?
Posted : 14/03/2015 4:45 pm
You normally just enter it in your self assessment form. If you've done something clever also like put it into a pension then it will balance out. Otherwise take a stab at guessing what the amount of tax will be and stick that amount into a savings account and blow the rest on the usual - I believe that pudding has replaced coke and hookers this week, what do I need to do about tax etc?
Posted : 14/03/2015 5:48 pm