Paying tax on additional income

bankhater_1965

mildred1978 wrote: »

You sell it for what, half the retail price? You're still losing more than you're saving!

I'm amazed the taxman hasn't queried that.

why what am i doing wrong with just upgrading a laptop yearly, is this not allowed ? so can i not replace perfectly working mowers every year either !!

mildred1978

bankhater_1965 wrote: »

why what am i doing wrong with just upgrading a laptop yearly, is this not allowed ?

I don't think it should be - unless you're in an industry that batters them!!

bankhater_1965

mildred1978 wrote: »

I don't think it should be - unless you're in an industry that batters them!!

personaly i think its non starter , i have to replace some machines yearly and get profit offset for them which i should , the ones i keep i do get a depriciation value each year , your comment has no reasoning behind it

Regshoe

I think the first suggestion was the best - check out the Businesslink website for a general overview. My first though after that is just to make sure that you are actually self-employed and not taking up a second employment, it's not clear from your first post whether you will be contracting with various companies/individuals for smaller pieces of work (almost certainly self-employed), or whether you will be getting all of this work via another company (possibly employed).

Assuming you are going to be self-employed HMRC do run some basic courses which might be worth a look, they are free so at most you lose a couple of hours.

Some of what has been said above, whilst (mostly) well intentioned is a little misleading, in point incorrect and generally a little confusing, so as always do your own research (i.e. check out more reputable sources, like HMRC websites etc, not that they are always correct of course!)

If you still find you are a little lost and don't fancy trying to keep on top of everything yourself it might be worth getting an accounts (disclosure: I am an accountant and possible a little biased ). For the level/complexity of work you are likely to be doing I would imagine you would only be looking £200-400 in fees (which in themselves will be a deductible expense, bringing down the cost by potentially 20% plus). Even if the accountant doesn't pay for themselves in tax savings they will at least make sure you aren't getting things horribly wrong and risking fines.