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Author Topic: UK contributors, tax question  (Read 1779 times)

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« on: October 21, 2013, 07:06 »
0
I'm a little confused as what do do with tax etc.

I currently work a full time 'day job' as an employee for a large company and do microstock on the side as a hobby (between 50-120 gbp a month, though this is gradually increasing)

Now, am i supposed to declare it or not?

I'm a little confused on this matter and obviously dont want the tax man knocking at my door one day...

Phil


ShadySue

« Reply #1 on: October 21, 2013, 07:13 »
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Yes, you need to declare it. But you can put your stock-related expenses against it. I use an accountant, but if you feel up to it, there's lots of information available from HMRC - the details and the forms change virtually every year.
You'll also have to fill in a form to get immunity from NI payments as your stock earnings are below a certain threshold. I found the NI bureaucracy far more of a pain than tax. Once you have filled in the form, send it recorded delivery and keep the chit.

Ron

« Reply #2 on: October 21, 2013, 07:51 »
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I am not sure about the UK but in Ireland you will be registered as  sole trader.

As Sue said, make sure you also expense your cost for producing stock. If your cost are greater then your income you wont have to pay a cent.

« Reply #3 on: October 21, 2013, 11:51 »
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Thanks, does that include my new canon 5d mk3, fuel etc etc

ShadySue

« Reply #4 on: October 21, 2013, 11:57 »
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Ron

« Reply #5 on: October 21, 2013, 12:14 »
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Thanks, does that include my new canon 5d mk3, fuel etc etc
Even  a percentage of the rent of your home, etc. when you work from home.

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