Market Research - Tax Return

LuckyPenny

Hi all
I have just looked at my debt free date and I am making very slow progress. I would really like to do more market research but I recently logged on to a market research site and they asked me to sign up to terms and conditions saying that it was my responsibility to pay tax on my earnings. Market research is really meant to be a bit of a side line for me as I work full time but want to earn extra cash. Will this affect the tax I pay at work (e.g. increase my tax)? Can anyone give me advice on an easy way to track earning, complete a tax return very easily? I am feeling very reluctant at the moment because I hear lots of horror stories about being clobbered with a big tax bill or working it out wrong and it being very complicated. Any advice would be much appreciated.
Thanks
LuckyP

PurpleFairy26

It would irk like any other self employed income. It wouldn't effect the tax your employer deducted, however, you would need to declare your income every year in a self assessment and pay accordingly. However, if you just save the % of each 'job' you do in to a savings account, when you complete yr return y will have the money anyway.

It's simple enough to complete, I have been doing my own for the last 4 years or so.

Karonher

I have been doing it for years. The form is not hard to complete - you will only get a bill for the tax you owe and it wont affect your tax with your other employer. If you earn anything you should be paying tax on it so if you don't want to it may be best giving it a miss.

LuckyPenny

Thanks for your responses jonno7 and Karonher its a shame because I think it would be something I would enjoy but with working full time-ish I think I might have to give it a miss. I think it might be too much, may be I just focus on spending less and selling stuff on eBay, Facebook etc as and when I can.

Sanctioned_Parts_List

For most people normally employed on PAYE, without any complex investments or deductions (i.e. almost all of us), filling in the tax return is as simple as copying the contents of your P60 back into the Inland Revenue website, only adding your additional income to your gross salary. 15 minutes a year - not exactly arduous