Declaring Online Earning Income?

ANGELFLOWER

Try using a description that can group things together. I use a description of Market Research to cover things like surveys. You should not however group everything together if the work is not similar. E.G. if you are a child minder then that would be different to surveys obviously, and each should be completed seperately as different lines of income. I use my name as the name of the business in each case and then different descriptions for each line of income. I have done it like this for several years and HMRC have been happy.

Marvqn1

ANGELFLOWER wrote: »

Try using a description that can group things together. I use a description of Market Research to cover things like surveys. You should not however group everything together if the work is not similar. E.G. if you are a child minder then that would be different to surveys obviously, and each should be completed seperately as different lines of income. I use my name as the name of the business in each case and then different descriptions for each line of income. I have done it like this for several years and HMRC have been happy.

1. Does this mean that if work is different, but it is online work, then it should be declared in the same tax return and doesn't require a separate one?

2. I thought there is only one place to enter a business description. Do you use one tax return for different lines of income?

ANGELFLOWER

I complete my tax return online now. When I did it on paper I did a separate page for each line of business. One actual tax return, but separate pages for each line. So more than one page SA103s this year for the paper form.

I have always done a separate page for each line of business. I work online in different capacities and do a different page for each. If you worked in a pub and in a supermarket these would be classified as separate employments, so just because you work online why would it be different. I do remember phoning HMRC when I first started and I was advised to do a separate page for each line of self employment. Why not ring them to see what they advise. If you can make a description to encompass all then OK, but I would say a description of 'online' would not be descriptive enough as it needs to describe the actual work.
I am obviously not an expert and I can only tell you what I do. Maybe someone else can offer more insight.

SteveMSE1890

[Answered] - Not sure how to delete thread.

joeypesci

So, I have a load of stuff in the loft that I want to get rid of. Lots of collectibles I was keeping for a raining day. That raining day is on it's way but also I've decided, whats the point in keep this stuff. It could all get ruined before I get a chance to sell it and make a profit. So why not now.

I look, very briefly, on how much you can make from Ebay per year before you have to declare to the tax office. It appears only £1k. Really? But I'm not doing this for a living, I just want to get rid of the stuff and make a small profit.

How can they justify forcing me to declare any money I make over £1k so that they can tax it, AGAIN. I purchased all the stuff with money that had already been taxed. So are they now saying when I go to sell said stuff, they'll tax me again on any money I get back over £1k?

antrobus

The key thing is this; you will not be doing this for a living. You are simply selling stuff that you already own.

I's not a business. It's not taxable.

joeypesci

Ah OK. Makes sense now thanks.

stoozie1

I'm assuming the answer is yes, but wanted to check.

So if you earned £400/year from revenue from adverts on a blog, you would submit a self-assessed tax return?

rebeccajlsk

Yes you would need to declare any income made - you need to register as self employed. If you work for a company as PAYE then they will adjust your tax code to reflect this as you will probably already earn over the tax allowance, so they can collect the tax owed.

If this is your only income, then yes you will still need to go self employed and submit a self assessment but because it is under the tax allowance of £11,500 then you won't pay tax on it.

jkl123

I know any income you receive is taxable, and i already ear enough to pay tax so i am guessing i would pay 20% on what i earn? But my question is, do i have to tel tax office im doing surveys? or can i wait until its time to cash out and let them know just before i cash out just incase i dont earn enough to make it worth while and don't bother with it if that makes sence?