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Child Earnings
Kingbriton
Posts: 1 Newbie
Hello
Feel free to kick my !!!! for posting in the wrong area but I couldn't find anything relevant to our situation.
Which is this...
My 15 year old son is a junior programmer and has suddenly hit gold... He has money flowing in from internet advertising at quite a rate... And listening to his plans he will probably be out performing both his parents before the end of next year.
What is the legal situation with this money... HMRC... Tax credits... Banking...etc
Can he just keep it and spend it with no effect on us?
Feel free to kick my !!!! for posting in the wrong area but I couldn't find anything relevant to our situation.
Which is this...
My 15 year old son is a junior programmer and has suddenly hit gold... He has money flowing in from internet advertising at quite a rate... And listening to his plans he will probably be out performing both his parents before the end of next year.
What is the legal situation with this money... HMRC... Tax credits... Banking...etc
Can he just keep it and spend it with no effect on us?
0
Comments
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He has his own tax allowance and will need to register with HMRC if he is earning. He certainly can't just spend all the money and not account for tax. Not sure of impact on tax credits if the child earns more than their parents, interesting query!Remember the saying: if it looks too good to be true it almost certainly is.0
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He'll have a standard personal allowance.
HMRC will have dealt with children who earn - give them a ring.
https://www.gov.uk/government/organisations/hm-revenue-customs/contact/national-insurance-enquiries-for-the-self-employed0 -
I take it you don't mean internet advertising in the shape of Adsense? If so you have to be older than 15 unless it is registered in your parents name and linked to their bank in which case it would be you paying tax on the earnings I believe0
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