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First time tax return - "other income"
junglejame911
Posts: 143 Forumite
in Cutting tax
I've been close to the 100k threshold the past few years but this is the first year I have surpassed that necessitating a tax return. Newbie to this so bare with me.
The vast majority of my earnings are PAYE but I have other income of about 5-10k (much less in previous years but likely to increase going forward).
Previously any other income I earned I had just entered that as "other income earned" on my personal tax account on the HMRC website and this was worked into my tax code.
My question is now that I am completing a tax return, should I delete the "other income earned" to avoid it potentially being counted twice?
Hope that makes sense.
The vast majority of my earnings are PAYE but I have other income of about 5-10k (much less in previous years but likely to increase going forward).
Previously any other income I earned I had just entered that as "other income earned" on my personal tax account on the HMRC website and this was worked into my tax code.
My question is now that I am completing a tax return, should I delete the "other income earned" to avoid it potentially being counted twice?
Hope that makes sense.
0
Comments
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No, include it. Your Tax Return supercedes what is on your personal tax account.
What type of income is it? Should it be declared as self-employed rather than other?0 -
No, include it. Your Tax Return supercedes what is on your personal tax account.
What type of income is it? Should it be declared as self-employed rather than other?
Thanks. That's good to know.
Re other income - I'm not sure quite how to categorise it. I spoke to HMRC before and they advised putting it in as "gratuities/tips" but this doesn't sound correct.
In reality, it is from occasional legal reports/certificates or less often, marketing surveys.
In previous years it was a fairly small sum (approx £700) but it was about 3k last year and likely to increase going forward.0 -
That sounds like self employment - you'd be better declaring it that way anyway as then you can claim expenses against it.0
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