Declaring extra income or not?

[Gene9]

Probably a poor choice of title, sorry. Have posted here for trafficking as I'm worried about getting into legal troubles!

Hi, I've been a PA all my working life really. Left my job for personal reasons about 5 months ago.

Just landed a new role, lovely position as a PA, really happy. Not self employed.

Thing is, I've landed myself a very nice little money earner online... I signed up two weeks ago for fun and so far I've brought in a lot

I'm scared - I know I need to declare this as two incomes so how do I go about doing this? I'm clueless

The online thing is very dependant on me, if I didn't use it that week I'd get £0. What I actually get from doing it can vary differently, apparently.

With all this in mind, how do I tell (whoever I need to tell), about my earning amount since it can be anything from £0 up.

Thank you

Yes, I worked a particular fetish market and did very nicely. Nice enough to move in with my partner at the time and cover my half of the rent and bills.

At the end of the tax year, write to the PAYE tax office and tell them the amount you've earned from your online work. Depending on how much extra tax you owe, they may then send you a self assessment form or they may simply adjust your tax code and collect the arrears through PAYE.

It's not at all complicated. You have untaxed income. That needs to be declared. Ignore the £1000 gift scenario - that is fraud.
Inform your tax office. Since the untaxed income is variable, they will probably tell you to fill in a self-assessment. Just remember that you owe tax on that income and don't spend it all
Don't ever try to defraud HMRC, they are not amateurs, they will find out, and the consequences are grave.

Op, make a list in excel of all the payments to HSBC, and total them as you go. Make a separate list of any costs - printer ink, phone calls and apportion them if necessary (i.e. 40% personal use/60% business use) at the end of the year take costs of income and thats the figure to pay tax against. Contact HMRC to register as self employed and ask re NI contributions because you may be exempt on your self employed income.

At the end of the tax year (5 April but most people run to 31 march for ease) you need to start getting your stuff together as you will need the self employed figures and your work info for a tax return. This needs to be in by 31 January the following year.

There are variants so get some proper advice - i.e. Deadlines for paper returns and claiming tax via your code etc .

Would I be paying out this April 2017 even though I'd have only been doing this job for much much less than a year?

Give the HMRC helpline a call - the advisors are really helpful and will talk you through it. They'll set you up there and then and that will trigger a series of letters telling you exactly what is required. It really is simple

As far as I know, yes. And I think you have to declare yourself as earning within two weeks of your first payment? That's what I was told anyway but just ring, they'll explain. After all you are offering to pay tax, they'll be only too happy to tell you how!

Would I be paying out this April 2017 even though I'd have only been doing this job for much much less than a year?

You would be filing a rax return by 31 January 2017 for any self employed income earned between April 15 and April 16.

If you didn't start doing your online job until after April 16, I don't think you'll be required to pay tax on it until January 18, after you've filed a return for income earnes between April 16 and April 17.

Disclaimer: That's the way I do it, anyhoos.

You'd only need to complete a return by end January 2018 for the 2016-17 tax year. However you may find it easier to do so once you have received your p60 from your employer as you can then do so on paper and have time to settle the account. Can you set aside some income each month in the meantime? You would need to register with hmrc as SE in advance.

Yep HMRC will sort this out for you.

I have a salaried job but I also tutor on the side and work as a union rep. After speaking to my accountant it turned out it was best to set up a limited company for me to be paid a "wage" through, but for most people doing a bit of work on the side you'd usually just declare it in your tax return.

I'm self employed and keep a seperate account to put the tax in as soon as I get paid, means I have it to pay the tax bill without panicking or "accidently" buying shoes wanders off to find a webcam

Two its so easy I haven't even got my kit off! Men are strange creatures

says me who spends £20 on a candle

I once had a client who sold photos of her feet, can't say it wasn't tempting

I once had a client who sold photos of her feet, can't say it wasn't tempting

Amazing!

I once sold a pair of shoes on eBay and I was inundated with messages for pictures of my feet. I was offered £100 for some! I'd be way too concerned about ever being "outed" to do anything like that but you can make serious money from the fetish market.

OP I have a PAYE job, a main freelance business & then smaller occasional work (in the past, not so much now).

I do an online tax return each year. I fill in the employed stuff, a separate section for each self employed business I have been involved in - I then get told how much to pay. It even works out National insurance now as well. It's very easy.

I do keep my self employed earning separate. Easier to track expenses.