Best investment for working child?
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Stealth07
Posts: 9 Forumite
My Child has started doing paid commercial work, I'm not 100% clear on the paying VAT situation if anyone could advise?
Also any recommendations on where to save with or invest for best returns?
Thanks!
Also any recommendations on where to save with or invest for best returns?
Thanks!
0
Comments
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How old is your child?0
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11 years old0
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Give HMRC a ring to check your child's situation - they will have dealt with child actors etc before!0
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How much do you expect your child to earn?0
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My Child has started doing paid commercial work, I'm not 100% clear on the paying VAT situation if anyone could advise?
Also any recommendations on where to save with or invest for best returns?
Thanks!
Any particular reason why they'll be paying VAT or is that a typo? Everyone has the same allowance so if they earn in excess of that they'll be paying income tax and possibly NI.Remember the saying: if it looks too good to be true it almost certainly is.0 -
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Your 11 year old child probably isn't earning more than the income allowance (which is tax free), unless she is a famous actor??
As others have said, children also get the same income allowance just like any other ordinary person. No more and no less."If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2021 - #027 £15,268 (76%)0 -
https://www.gov.uk/vat-registration/when-to-register
OP is likely to have meant income tax -
https://www.gov.uk/child-employment/paying0
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