Earning extra cash

Becles

Even earning £6 an hour for 3 hours a week will have to be declared. You'll have to be registered as self employed and fill in a tax return at the end of the year.

They look horribly complicated, but if you get all your bits of paper and work through it slowly, it's not that hard. They need to know details of what you have earned from your self employment, any PAYE income which can be found on your P60, and any investment income which can be found on the documents banks etc send you.

ashmit

Thanks Becles. Can I just ask - I think this is the form you have to send in by the end of Jan, is that right? Is the form you send in Jan 05 to cover the 04-05 tax year? If so I might wait til April before I start

Becles

Nearly right! The forms that were due in by Jan 05, covered tax year 03/04.

If you register as self employed now, you'll get a form in April/May 05 to cover your earnings in 04/05. You will have till Sept 05 to return it if you want the IR to calculate your tax for you, or Jan 06 if you do your own sums.

If you are happy with using online services, you can submit it over the net. I did that with my last return and found it easy to use. I worked through it with the help notes that came with the hard copy of the form, and it told me what I owed at the end.

ashmit

Thank you - that's really helpful

keatergreyhound

Hiya
One thing I can say is please dont go with the lemondae at car boot sales or any other food/ drink related sale. Firstly you need a minimum of a basic food hygine certificate and to do this legally your food prep area would have to be checked over. Even ladies that cook for things like women institute markets have to be vetted. Believe it or not if you came for dinner at my house and my food gave your food poisoning you could so me. Its not exactly as easy as that but it really does bolil down to it. Health inspectors tour markets and car boots checking for people not selling food that they are allowed to. Im sure you will have noticed if you do go to car boots yourself that most burger bar type places shall have their certificates on show.
Thats just my advice but trust me I know where im coming from
On the Ebay front. Have you thought of becoming a trading assistant. If youve got a digital camera and computer and time thats all you need. Basically people pay you to sell their stuff. You photograph it, list the itme etc and you get paid either a set fee of a % of the selling price. This you could fit in around your other plans.
How about delivering catalogues? When the yellow pages get sdelivered around here they pay the guys a mint to send them out. Theres always woork selling Avon etc.
Basically no matter what you do you need to make sure that you are covered against all the what ifs. Liability insurance is a great idea. I know I may sound boaring. But its my job and I must me missing it as im on maternity leave!