Tax on small extra earnings

tonytheviking

Hello all,

I pay tax on my earnings from my full time job.

I also have a very small extra income from an online site I run (selling music). This income was tiny until recently. This year it has earned a few hundred pounds. Small amounts still, but I worry that I haven't declared this money. I haven't spent it either.

What should I do? Declare it in a tax return? Is there some way I can set up a business and keep it with only minimal tax payment?

Obviously I will contact an accountant do discuss this, but would be grateful to hear your opinions.

Thanks,
T

Mikeyorks

Strictly you should register as self employed. But you could ask HMRC, as the amounts are small, if they will code it out in order you pay additional PAYE.

It's not strictly for such income - but previous posts suggest HMRC will accommodate for the sort of values you're talking about :

http://www.hmrc.gov.uk/incometax/non-paye-income.htm

tonytheviking

Thanks. I'll give hmrc a ring. I should have pointed out that this is a hobby, and something I do with another partner, but all the income comes to me.