Do I have to declare this?

Manos_2

Hi There

I am on full time employment earning around £25K a year.
I have been recently asked to do a one off design work on my free time for around £200 for another company.
My questions are:
Do I have to declare this income?
Will I be taxed for it?

Thanks

Whalie

Officially yes.

I do odd bits other than my main income - I contacted my tax office and they just adjusted my code to allow for extra income. Simple.

antrobus

Manos wrote: »

Hi There

I am on full time employment earning around £25K a year.
I have been recently asked to do a one off design work on my free time for around £200 for another company.
My questions are:
Do I have to declare this income?
Will I be taxed for it?

Thanks

Yes and yes.

Well, you don't have to declare it. You could just pocket the money and hope HMRC don't find out. They probably won't find out. It's sort of the principle of the thing, ya'know.

McKneff

If the other company are paying you other than cash, then cross checking by the HMRC can throw it up.


If its cash...... it's gotta be up to you.


You would 20% cash on it.

TheCyclingProgrammer

You are legally obliged to notify HMRC of any income chargeable to tax and any chargeable gains.

A one off piece of freelance work would not require you to register as self employed however if a "one off" starts to turn into something regular, HMRC would regard that as trading and you would then need to think about registering.

As far as notifying HMRC goes, if you already do a self assessment, you could add this to the box on the main return for "any other income" which includes small one off pieces of freelance income such as this.

If you do not, a call to HMRC should be sufficient. They will probably be able to collect the extra tax by adjusting your tax code. No return should be needed.

Given your salary, tax due would be £40.

Manos_2

Thank you all for your replies