Declaring for tax purposes?

MissMuppet

Wasn't really sure where I should be posting this, so if a moderator wants to move it to somewhere more appropraite that's fine.

My Grandfather wrote a book 15 years ago, which until last year he sold himself via his website. He's coming up 95 years old now, and also in a home so I have taken on the selling of the book for him, and I hope that I will continue to do this once he's no longer around.

I pay for the book to be printed (we only order 20 at a time, so not an awful lot), and then pay for the postage and also the website costs. I send him a certain amount of profit per book every few months, and I keep what's left. With regards to my profit, I worked it out yesterday and it's only about £70 since May time last year, so not great amounts.

My question is, do I need to declare to anyone what I am doing, for tax purposes or some other reason? I work full-time, and this is just a very small sideline, on average we only sell 2 books a month.

It's something I'll need to sort out, especially as I might be making more money once my Grandfather is no longer around.

Thanks

OldGreyFox

You might get a better response on the Tax Sub Forum http://forums.moneysavingexpert.com/forumdisplay.php?f=22 where the tax peeps tend to hang out

Maiden98

Technically it is a trade, and should be declared for tax purposes.

You can register online for self employment (PM me for the link if you like, as I cant post them yet)

I assume that the turnover will be less than £68000 so you will be able to submit 'short' self-employment pages on the tax return.

Class 2 National Insurance is only payable if your profit is above £5075, so you'll most likely be exempt from that.

OldGreyFox

Whilst i have no doubt your trying to be helpful Maiden98 its against site rules to ask people to pm you to discuss matters. Could be construde as touting for biz.;)

Maiden98

Ok, changed my post

durham_girl

OldGreyFox wrote: »

Whilst i have no doubt your trying to be helpful Maiden98 its against site rules to ask people to pm you to discuss matters. Could be construde as touting for biz.;)

Hiya, can you post a link to this rule please, I can't find it

Maiden98

Must admit, I'm surprised that posting what you do for a living is against the rules, but you live and learn.

Ypaymore

Maiden98 wrote: »

Must admit, I'm surprised that posting what you do for a living is against the rules, but you live and learn.

The rules say

"If you're discussing a topic you have a professional knowledge of you can make that clear but please don't give "advice". We don't have the resources to check what you say is correct and would hate to hear something had happened to someone reading it.
If you are discussing a field in which you work, make sure you don't tout for business, or mention or refer to your company name/website in any way

Equally, this is an open forum so ordinary forum users should bear in mind anyone can say anything. Just because someone says they're an IFA, broker, electrician etc and sounds knowledgeable, this doesn't mean they ARE. We obviously can't check that what everyone on the forum says is true. As always, it's essential everyone using the site does their own research."

If i recall correctly you said you were an accountant and asked the op to pm you if they needed further advice and it could reasonably have been construed you were touting for biz,i guess thats why the Forum Team amended your post .;)

Heres the HMRC link in case anyone needs it. http://www.hmrc.gov.uk/startingup/register.htm

Maiden98

If i recall correctly you said you were an accountant and asked the op to pm you if they needed further advice

Thats not actually what I said, but whatever, noted for future reference.

As for touting for business, yes I can see that it could have been taken that way, however I would suggest to the OP that it would be quite easy for her to fill in her own Tax Return based on what she's said so far, rather than wasting money on an accountant.

Your link isnt the one I was trying to post btw

MissMuppet

Hi,

Unfortunately my Grandfather died last week, 3 days short of his 95th birthday.

I am now looking into how the rights of the book can be transferred to me etc... as it was his wish that I continued with the website and selling his book, the profit he would have received is to now go to the British Red Cross.

I have also just accepted voluntary redundancy at work, to finish in July. I was wondering whether declaring that I sell this book would affect my benefits, such as JSA? Does anyone know?

Like I said before, the money I make from the book is hardly anything, but I want to make sure I do everything by the book so to speak.

Thanks,
Jo