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Some Help Please ....
hafe4k
Posts: 112 Forumite
Hiya all ... (sorry if it’s in the wrong section)
The funniest thing about this particular signature is that by the time you realise it doesn't say anything it's too late to stop reading it ....
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Comments
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Yes you need to declare it. You would need to register as self employed and keep a set of accounts. If you use your own vehicle, you will need to have it insured for business use as a courier and depending on the guys insurance, will probably need insurance to cover the parcels whilst in your charge. You would pay statutory Class 2 NI contributions of £27.30 quarterly plus Class 4 based on the profit for the year. You will have to complete a self assessment tax form annually. Depending on your income, you'll lose or have reduced your Income Support, HB/LHA and CTB. DLA is not means tested so that will stay the same.
You could however qualify for working tax credits with the disability component depending on the amount of hours you work per week.0 -
Thnxs for a prompt reply...
My son is saying do it on his name... Will this be ok?
Any links to what forms need filling etc....
P.S. I'll only be making about £1500 a year, is there not like a set amount before it is classed as taxable etc? Also there is not much book keeping, so will they ask for proof of business etc?
Thxs again
The funniest thing about this particular signature is that by the time you realise it doesn't say anything it's too late to stop reading it ....0 -
Well you'll still need to declare your income. If its in his name, he'll still have to go through everything I've mentioned. In short, it's making things complicated.
How much tax you'll pay depends on how much IS you get as that's also taxable income. Your registration as self employed with HMRC will suffice as proof. You simply need to phone the HMRC Self Employment Registration number on 0845 915 4515. They'll want your NI number, what type of business you are and what your business name is. You can just use your own name if you want.0 -
I have to ask...
Is it a legitimate business and/or do you know what is in the parcels?0 -
Thnxs for clarifying ....
Sorry im asking to many questions ... forgive me.
My son does not get any Income Support so say we earn £1500 in the year how much tax will it be? In total how much would he be looking at paying? (inc. the NI contributions). Also if its in his name it would not affect my IS, or would it?
The funniest thing about this particular signature is that by the time you realise it doesn't say anything it's too late to stop reading it ....0 -
I have to ask...
Is it a legitimate business and/or do you know what is in the parcels?
Yeh, it’s simply clothes.
By legit do you mean I am parcelling dodgy things? Will they ask for business information from that main dealer? Cuz he will be sending the parcels via ship all I do is collect from my area and then he brings his van, picking up the 10/20 parcels i have collected and does the rest.
The funniest thing about this particular signature is that by the time you realise it doesn't say anything it's too late to stop reading it ....0 -
Thnxs for clarifying ....
Sorry im asking to many questions ... forgive me.
My son does not get any Income Support so say we earn £1500 in the year how much tax will it be? In total how much would he be looking at paying? (inc. the NI contributions). Also if its in his name it would not affect my IS, or would it?
Sorry if i'm getting the wrong end of the stick here but it sounds like your wanting to commit benefit fraud. If its you thats working and getting the wages then you need to tell income support whether its in your sons name or whoevers name. If you're making profit from it then tell the benefits.0 -
Sorry if i'm getting the wrong end of the stick here but it sounds like your wanting to commit benefit fraud. If its you thats working and getting the wages then you need to tell income support whether its in your sons name or whoevers name. If you're making profit from it then tell the benefits.
Thnxs for ur input ... but no fraud has been comitted, as currently i am not doing it (I have simply been told to by a mate, and now am just considering). I am asking for advice with regards to taxes and deductions with IS, but i have not still started doing this.
The funniest thing about this particular signature is that by the time you realise it doesn't say anything it's too late to stop reading it ....0 -
If he's already got an income, he'll pay tax and NI on it whereas you wouldn't, or very little, due to not earning you annual personal allowance.
The only way it couldn't affect your IS is if you had no income from it whatseover but you'd still need to declare you did work, even if unpaid, and that would affect it. You could be sure you'd end up having a medical review.0 -
Thnxs for ur input ... but no fraud has been comitted, as currently i am not doing it (I have simply been told to by a mate, and now am just considering). I am asking for advice with regards to taxes and deductions with IS, but i have not still started doing this.
register yourself as conor said, if you do everything by the book if you decide to do it mind then you will be ok0
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