MYSTERY SHOPPING THREAD XIV - Please do NOT mention Client names on here

kellyp1811

well i work full time, so this would be a 2nd/part time job, how much should i expect to be hit with in april, obv it depends on how much i work i do i guess? just dont want to be hit with a large bill?
thanks guys really appreciate your help

glitterkandy

kellyp1811 wrote: »

well i work full time, so this would be a 2nd/part time job, how much should i expect to be hit with in april, obv it depends on how much i work i do i guess? just dont want to be hit with a large bill?
thanks guys really appreciate your help

I allow whatever the current tax rate is + 5% to make sure I'm not caught out and put it to one side.

Obviously if you're in a higher or lower band it makes a difference.

ukmonkey

blindman wrote: »

I get paid by CHG (in $) into Paypal. Paypal charge a fee to convert it to £'s, so as BARE pay in Euros then you'll get charged a fee.

Thanks blindman, useful as always. I think that's several beers that I owe you! Will see you right in the first class lounge :beer:

Lil_Me_2

kellyp1811 wrote: »

well i work full time, so this would be a 2nd/part time job, how much should i expect to be hit with in april, obv it depends on how much i work i do i guess? just dont want to be hit with a large bill?
thanks guys really appreciate your help

Allow 20%.

However I do believe that if you do your tax return early enough you can get them to split the tax owed across your full time job, so you pay a little bit extra each month instead of everything in one go.

I think that's the case anyway, I need to look into it.

nikki2804

Lil_Me wrote: »

Allow 20%.

However I do believe that if you do your tax return early enough you can get them to split the tax owed across your full time job, so you pay a little bit extra each month instead of everything in one go.

I think that's the case anyway, I need to look into it.

If you owe less than £2000 in tax you can tick a box on the return to have it paid via your PAYE (employed) wages. This normally has to be submitted by December to allow HMRC to impliment it.

I would advise people to do it online, more straightforward (and trust me I've worked with the system for a good few years!)

Lil_Me_2

nikki2804 wrote: »

If you owe less than £2000 in tax you can tick a box on the return to have it paid via your PAYE (employed) wages. This normally has to be submitted by December to allow HMRC to impliment it.

I would advise people to do it online, more straightforward (and trust me I've worked with the system for a good few years!)

Excellent! Thanks for the clarification

kellyp1811

thanks all of you being really helpful - so for example if i earnt 100 a month (adventerous i no just using as an example) i should set aside 20 for tax, so for the year would earm 1200 but set aside 240 for tax? if that sounds about right then i have got by head round it

jc2703

kellyp1811 wrote: »

thanks all of you being really helpful - so for example if i earnt 100 a month (adventerous i no just using as an example) i should set aside 20 for tax, so for the year would earm 1200 but set aside 240 for tax? if that sounds about right then i have got by head round it

yes but you are only taxed on PROFIT so if you earn £100 per month and your mileage costs you £25 and you're claiming the cost of a mobile £25 and internet at home £10 and use of home for office work £20 that would total £80 expenses so your profit would be £20 and therefore your tax £4. Sorry if that went a bit too basic

kellyp1811

not not to basic at all thanks, i must seem like a real idiot here (my only excuse is being blonde lol) but how can you work it out? say you had an assignment to get a sandwich in your lunch hour and you were paid 5 for it and 3 for the sandwich, how do you work out what your profit is, sorry to sound soooo dumb just dont want the tax man to tell me off lol

glitterkandy

kellyp1811 wrote: »

not not to basic at all thanks, i must seem like a real idiot here (my only excuse is being blonde lol) but how can you work it out? say you had an assignment to get a sandwich in your lunch hour and you were paid 5 for it and 3 for the sandwich, how do you work out what your profit is, sorry to sound soooo dumb just dont want the tax man to tell me off lol

If you've got the time I'd recommend contacting business link and seeing if they have a tax seminar in your area, I went on one last year and they make it really simple. And you can put your travel costs to the seminar against your profit!