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Tax - Help!!!

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Hello, I'm under 16 and I have recently started receiving cash on paypal, Do I have to declare this to HM Revenue & Customs? If so how, it's not a fixed price per week/month so I'm a bit lost.

 

Help please.


Sam

I was helped here so now I'm returning the favour. :)

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Hello. Can you tell us what the cash is for please? Are you working?

 

HB


Illegitimi non carborundum

 

 

 

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I get money for doing programming, so I guess thats considered "working", but it's not fixed times, I just do updates every so often.


Sam

I was helped here so now I'm returning the favour. :)

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Hi there. I think it would be considered as taxable income, but are you likely to earn more than £6,000 between the 6th April this year and the 5th April next year, would you think?

 

HB


Illegitimi non carborundum

 

 

 

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It's unlikely but possible that it might happen, as sometimes i get a lot in a short amount of time.


Sam

I was helped here so now I'm returning the favour. :)

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There is no minimum age for paying income tax so if this is from self employment so long as you don't earn more than £6,475 for the tax year 2010/2011 there is no income tax to pay. (£6,475 is the personal allowance for under 65's)

 

If you are running a business from home though, you should inform HMRC of your status of self employment; if you don't inform them you may find yourself liable to a penalty.

 

Income tax

 

HM Revenue & Customs: Home Page


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How do I actually inform them?


Sam

I was helped here so now I'm returning the favour. :)

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Hi. I think it tells you on the HMRC website. If not, come back and I'll post a link for you.

 

HB


Illegitimi non carborundum

 

 

 

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