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  • FIRST POST
    • sophie131
    • By sophie131 21st May 08, 2:57 PM
    • 817Posts
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    sophie131
    Tax for 17 year old....
    • #1
    • 21st May 08, 2:57 PM
    Tax for 17 year old.... 21st May 08 at 2:57 PM
    Hiya! Please take pity on a 17 yr old trying to sort out finances! I've looked through the threads and can't find my answer so sorry if it's been asked already!
    Ok, through my work in a shop I earn 3000 and through self employed work I earn 3000 a year, so I usually get 6k a year. How to I go about tax, NI etc. I've never done anything of this sort before so don't have a clue. Is there anything I could do with the money so I don't have to pay tax?
    Thanks for any help.
Page 1
    • whatatwit
    • By whatatwit 21st May 08, 3:25 PM
    • 5,387 Posts
    • 15,339 Thanks
    whatatwit
    • #2
    • 21st May 08, 3:25 PM
    • #2
    • 21st May 08, 3:25 PM
    Hi, have you registered your self employment with HMRC.
    You will need to keep records detailing your income from self employment and also receipts for any expenses incurred. You will also have to complete a self assessment tax return each year.

    I take it that for your shop work, you have completed a P46 form and at the moment are getting paid tax free/using your personal allowance.
    You will have to enter your wages from shop work on the tax return and if you have paid any tax, this can also be shown.

    When did the self employment start and is the £3000 before any expenses or after?
    Official DFW Nerd Club - Member no: 203.
    • sophie131
    • By sophie131 21st May 08, 3:37 PM
    • 817 Posts
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    sophie131
    • #3
    • 21st May 08, 3:37 PM
    • #3
    • 21st May 08, 3:37 PM
    Thanks for your response.
    I'm not registered with HMRC yet.
    Self employment started 10 weeks ago and the 3000 is before any expenses, although there aren't too many of those. My Dad seems to think that I shouldn't bother doing anything about it, but i'm too scared i'll be caught out!
    • whatatwit
    • By whatatwit 21st May 08, 3:47 PM
    • 5,387 Posts
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    whatatwit
    • #4
    • 21st May 08, 3:47 PM
    • #4
    • 21st May 08, 3:47 PM
    You would be much better registering as self employed with HMRC, even if you don't have any tax to pay, you still have to keep them informed.
    Have a look on the HMRC website and register.

    Keep a record book and list your income and also any expenses that do arise.
    When you get a form to complete, pop back onto this board, there are several HMRC posters and help is at hand.
    With the proposed increase in Personal allowance from September, then you may not have to pay any tax this year, but if your income increases, then you are on the right side and already in the system.
    If you leave it too long to register, then HMRC can issue fines.
    Official DFW Nerd Club - Member no: 203.
    • Lokolo
    • By Lokolo 21st May 08, 3:57 PM
    • 19,538 Posts
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    Lokolo
    • #5
    • 21st May 08, 3:57 PM
    • #5
    • 21st May 08, 3:57 PM
    Earning £6k means you will be over your personal allowance so you will be paying tax.... (mine is 5220, plus the extra allowance from tax fiasco means you maybe over)

    Not sure if its different if you earn some self employed and some being employed but I shouldn't think its that different.
    • Pam17
    • By Pam17 21st May 08, 7:13 PM
    • 2,918 Posts
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    Pam17
    • #6
    • 21st May 08, 7:13 PM
    • #6
    • 21st May 08, 7:13 PM
    I hope this doesn't sound patronising, it's not meant to be but "Way to go girl"

    Self-employed at 17 and asking the right questions is fantastic.

    You do need to registered with HMRC and you will only be liable to tax on your gross employment income plus your self-employed profits. So make sure you keep a note of all the expenses you incur when conducting your self employed work.

    Also your local tax office will be able to help you contact your nearest Business Support Team. They run free courses for anyone setting up as self employed and provide valuable information on what you can set against your self-employed income. You don't want to pay more tax than you absolutely have to.
  • Paparika
    • #7
    • 21st May 08, 7:18 PM
    • #7
    • 21st May 08, 7:18 PM
    Thanks for your response.
    I'm not registered with HMRC yet.
    Self employment started 10 weeks ago and the 3000 is before any expenses, although there aren't too many of those. My Dad seems to think that I shouldn't bother doing anything about it, but i'm too scared i'll be caught out!
    Originally posted by sophie131
    ask him if he'll pay your huge fine if you take his advice...


    well done on being self employed at you age
    Life is about give and take, if you can't give why should you take?

    If my spelling is bad, it means I am having a fibro fog day, and not something you should be bullying me about.
    • sophie131
    • By sophie131 21st May 08, 7:33 PM
    • 817 Posts
    • 787 Thanks
    sophie131
    • #8
    • 21st May 08, 7:33 PM
    • #8
    • 21st May 08, 7:33 PM
    Thanks for all your help everyone. I found the form I need to fill out so will have a bash at that tomorrow! I'll be back if I get stuck!!
    x
    • bryanb
    • By bryanb 21st May 08, 7:39 PM
    • 4,779 Posts
    • 3,492 Thanks
    bryanb
    • #9
    • 21st May 08, 7:39 PM
    • #9
    • 21st May 08, 7:39 PM
    When I was employed by two different employers in the 1980's I had to pay NI twice, is this still the case? hopefully not!
    This is an open forum, anyone can post and I just did !
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