Maximising income - Mystery Shopping? Surveys? (Part Two)

Timmne

Yep - ALL receipts in the top box, ALL expenses in the bottom box and the profit/loss beneath....

You sound like you have your head around it already!

Remember if you go to the tax office with your records they'll help you if you need it - although it sounds like you don't!

Zazen999

deleted text due to being misadvised by tax office apparently

Timmne

No you don't - you were told wrong.... If your turnover is than £15k, you MUST fill in the normal form, but on page 1 rather than page 2 as people who have t/o of > £15k do. Being the first year doesn't mean anything, just make sure the dates are correct at the top of the orange self employment section on the first page.

So any expense (allowable) is to be included on page 1 with the income and the profit.

yubyub31

One meal from the list of 5 (Big Mac, Quarterpounder, Filet, 6 Nuggets or Chicken Sandwich) between 12-2 and 5-7pm will all get them running round if you ask for a receipt. Not sure what is on the breakfast gap menu (7-9am).

TractorGirl327

When you talk about "Expenses", do you mean the amount you've had to pay out to to the job - ie the buying of the burger etc - or does this also include petrol to get to & from the job, car parking etc?

I've been keeping a record of all the payments I've received for jobs done, but haven't got it split into compensation/fee. Think I need to amend my spreadsheet to include this dont I?

jpwhittle

my dad came up with a great sugestion to make extra cash yesterday if you like reading. has anyone considered doing proofreading? if your already self employed youd be ok my dad says he knows quite a few people that do it and really enjoy it. imagine never having to pay for a book again.
the bad thing is a used to always see vacancies advertised and now im interested cant find what im looking for. does anyone know where to start or is anyone interested in it?
pauline

leni

I work full-time and did additional MS work at the beginning of the year, earned a total of £269 and did my self assessment last month, just got my tax bill through - its about £60 odd quid! tut

TractorGirl327

leni wrote: »

I work full-time and did additional MS work at the beginning of the year, earned a total of £269 and did my self assessment last month, just got my tax bill through - its about £60 odd quid! tut

That sounds about right to me. If you work full time, everything you earn from MS work will be taxed.

jobbingmusician

Yes, sounds right to me too. I estimate a quarter of the profit I make will go as tax. The thing is to ensure that you claim all the expenses that it costs you to do the work - travel, printing off the pages, and phone calls and letters to the MS companies when you have to make them!

It's painful paying the tax - but it helps if you have squirreled the money away somewhere where it is earning interest (or saving you interest, as mortgage overpayments). That way you can think of it as an interest free loan from the taxman for the time it has been earning the interest - cheers me up no end!

Zazen999

deleted text due to being misadvised by tax office