does the taxman want my survey money?

joshclem

Hi there, i do the odd survey and get paid whilst working full time, i am about to switch over to working part time and being self employed the other part.

I will obviously declare and pay tax on all of my self employed earnings. But will i have to include surveys in this?

What about surveys that pay in vouchers rather than cash?

If im earning £500 a month from being self employed, and £50 a month from surveys, will he really care for the surveys?

cheers 4 help

Blackpool_Saver

Yes, and i would like to know how all these surveys and vouchers affect benefits too

Hoody

Any form of income i believe has to be declared to both the tax man and benefits people. If you were to earn £50 a week doing surveys i believe they would deduct this from your benefits?

MoreOn

This is a question for your accountant

whitelabel

MoreOn wrote: »

This is a question for your accountant

if he has one...

not an obligation to have one though so hence they have asked here.



in answer to the ops question, then yes all income should be declared regardless of the source. At £50 a month that is wither very well paid surveys, or a lot of them, either way the £600 a year youd get, you think he wouldnt be interested in ?!

check out the new self employed guides fro hrmc, and also dont forget you can now offset many business related costs against your tax .

MoreOn

whitelabel wrote: »

if he has one...

not an obligation to have one though so hence they have asked here.



in answer to the ops question, then yes all income should be declared regardless of the source. At £50 a month that is wither very well paid surveys, or a lot of them, either way the £600 a year youd get, you think he wouldnt be interested in ?!

check out the new self employed guides fro hrmc, and also dont forget you can now offset many business related costs against your tax .

Absolutely! With those earning they wouldn't pay tax, even more so as you rightly pointed out if they claimed costs... which all in all depends on what they want the accounts to show...

whitelabel

MoreOn wrote: »

Absolutely! With those earning they wouldn't pay tax, even more so as you rightly pointed out if they claimed costs... which all in all depends on what they want the accounts to show...

it depends on the amount being earnt in the other self employed section on whether they would pay tax or not

Benergy

Best to declare to be on the safe side. Being blackisted from any benefits is the last thing that you want!

bibbetybobs

You can phone the Inland Revenue helpdesk, they're really helpful. There is a certain amount, I think about £5000, that you can earn as self-employed before having to add it to your permanent salary, also if you earn under this amount, you can request exemption from the NI contributions - not a huge amount but it's all worth saving.

Sorry I can't remember exact details. Hope you get it sorted easily.

AliceJenkins

I think the 5000 you can earn includes your regular income.

MoreOn

whitelabel wrote: »

it depends on the amount being earnt in the other self employed section on whether they would pay tax or not

agreed.. if they are earning plenty it's worth paying an accountant to examine how they can minimise joint tax liability