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Do I have to declare this?
Driving_Soon
Posts: 338 Forumite
in Cutting tax
Hi,
If I was being paid cash for some work I am doing (Around £50 a week) and my yearly earnings were below the amount that I have to pay tax on (5k or something) do I have to declare this or only if my yearly earnings is above the taxable earning limit?
Many thanks
(Btw, I am a part time worker and a part time student)
If I was being paid cash for some work I am doing (Around £50 a week) and my yearly earnings were below the amount that I have to pay tax on (5k or something) do I have to declare this or only if my yearly earnings is above the taxable earning limit?
Many thanks
(Btw, I am a part time worker and a part time student)
0
Comments
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No, you only declare your income if you have a tax liability.0
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yes you should declare it I think...but you won't pay tax on it as you are a student. your employer should be declaring it, more importantly...Good Enough Club member number 27(2) AND I got me a stalkee!
Closet debt free wannabe -[STRIKE] Last personal loan payment - July 2010[/STRIKE]:T, credit card balance about £3000 (and dropping FAST), [STRIKE]Last car payment September 2010 (August 2010 aparently!!)[/STRIKE]
And a mortgage in a pear tree
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of course you have to declare it, its income.
they will then calculate your tax, which as you say, will be 0.Target Savings by end 2009: 20,000
current savings: 20,500 (target hit yippee!)
Debts: 8000 (student loan so doesnt count)
new target savings by Feb 2010: 30,0000 -
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i wouldnt bother..Named after my cat, picture coming shortly0
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Driving_Soon wrote: »Hi, If I was being paid cash for some work I am doing (Around £50 a week) and my yearly earnings were below the amount that I have to pay tax on (5k or something) do I have to declare this or only if my yearly earnings is above the taxable earning limit?
Many thanks
(Btw, I am a part time worker and a part time student)
It all depends on whether you're an employee or whether you're self employed. If you're self-employed then you are legally obliged to inform HMRC of that fact irrespective of your earnings. However, I'd assume, on the basis that you are a "part time worker", that you are in fact employed. So your it is your employer's responsibility to operate PAYE, notify HMRC etc. Of course, if the HMRC request a self-assessment return then you'd have to put down your earnings from casual employment.
Nothing to worry about.0 -
Really!? I thought it did! There you go!jennifernil wrote: »Being a student has nothing to do with whether one pays tax or not.Good Enough Club member number 27(2) AND I got me a stalkee!
Closet debt free wannabe -[STRIKE] Last personal loan payment - July 2010[/STRIKE]:T, credit card balance about £3000 (and dropping FAST), [STRIKE]Last car payment September 2010 (August 2010 aparently!!)[/STRIKE]
And a mortgage in a pear tree0 -
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