Daughter earning while at college
EricTheKing7
Posts: 22
Forumite
My 17 yo daughter is in full time education but her 'Saturday job' is proving to be more profitable than she first imagined. After being the brew n brush girl for a local hairdressers during her last year at school, she has since proved to be a very talented make-up artist in her own right with plenty of personal bookings. We've never considered the need to declare her 'pocket-money' earnings before but now it's actually becoming a consideration. In the last 3 months she's earned around £1,000 per month and with prom season coming up she is likely to surpass that average - so my question is, does she need to declare her earnings or at least see an accountant to discuss whether she needs to fill out self-assessment forms. While she is in full time education she still views this as a hobby so I'm not even sure if she will still be doing this in 6 months, plus she does spend a lot of her earnings on kit / product / tools etc so it's not ALL profit. She is now making a detailed spreadsheet to show her incomings and outgoings so we can have a clearer idea of how much she is making - but at what figure do we need to say 'time to declare'? She has another year on her present college course before deciding whether to continue on into university etc.
I hope I have posted this in the correct forum, if not please feel free to redirect me.
:easter:
I hope I have posted this in the correct forum, if not please feel free to redirect me.
:easter:
0
Comments
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Well done to your daughter, she is showing great initiative.
Wondering if you might get more responses on the Tax Cutting Board.
http://forums.moneysavingexpert.com/forumdisplay.php?f=22
Good luck!0 -
Sounds like she needs to register as self employed
https://www.gov.uk/log-in-file-self-assessment-tax-return/register-if-youre-self-employed0 -
As above, she needs to get a UTR and register as self-employed.
Children get the same allowances as adults.
https://www.which.co.uk/money/savings-and-isas/savings-accounts/guides/childrens-savings-accounts/children-and-income-taxMinimalist
Extra income since 01/11/12 £36,546.450 -
I applaud her iniative warmly. I'm on a college course right now but do the occasional night shifts at a factory on Fridays, weekends, and sometimes full weeks out of term times.0
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Personal allowance income tax threshold is one thing to look out - once she earns above that, tax becomes due. £11k at present.0
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