worth paying tax on £100 a week?

purpleroad

If you only earn £100 a week, is it worth declaring this to the taxman what I mean is for such a little amount is it worth hassle? Isnt nice hiding your work though!

Baby_Angel

My OH earns exactly £104 a week (second job). Isn't it fraud not to declare the taxable earnings? Both his employers (first and second job employers) know his tax code and any overpayment in taxes, he gets a refund from HMRC. There isn't anything we need to do. I don't know what the hassle you are talking about? Is your second job from some kind of self employment?

HappyMJ

purpleroad wrote: »

If you only earn £100 a week, is it worth declaring this to the taxman (for second job)- what I mean is for such a little amount is it worth hassle? If you are already paying it in main job. Isnt nice hiding your work though!

£100 a week before or after tax?

If you're self employed and £100 a week is your profit and you a basic rate taxpayer that's more than £1,000 of tax each year that you should be paying.

If found out that you aren't declaring the income you could face a heavy penalty wiping out any profit you made.

Caz3121

purpleroad wrote: »

If you only earn £100 a week, is it worth declaring this to the taxman (for second job)- what I mean is for such a little amount is it worth hassle? If you are already paying it in main job. Isnt nice hiding your work though!

If you already use all your tax-free personal allowance on your main job then all the £100 per week is taxable
If a 20% taxpayer then the amount due would be £1,040
If a 40% taxpayer then the amount due would be £2,080
If this is self employment then you would complete a self assessment
If employed income, the employer should be informed that this is a second job so they can ensure that no personal allowance is given and tax is deducted at source (the issue being if you should be a 40% taxpayer, they will likely deduct 20% so tax will still be due at the end of the year)
If your main job is less than your personal allowance, you can ask HMRC to split your code between the two jobs