Full Version: Hector wants how much ?
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Have to pay me tax bill again, like everyone else, roughly how much is your ?
I don't have to pay anthing 'cos I'm still at school and not earning enough yet 
Got my NI number through the post about a week ago but I'm not sure exactly what its all about
Any info would be much apreciated. lol
Joe
Got my NI number through the post about a week ago but I'm not sure exactly what its all about
Any info would be much apreciated. lol
Joe
More than yours i promise you 
| QUOTE (joe @ Jan 20 2004, 06:46 PM) |
| I don't have to pay anthing 'cos I'm still at school and not earning enough yet Got my NI number through the post about a week ago but I'm not sure exactly what its all about Any info would be much apreciated. lol Joe |
When you are 16 you'll need to declare any income to the Inland Revenue. I doubt that you'll have to pay much, if anything whilst you are still in full time education or your earnings from your disco (whilst it is still your only form of income) is below around £4600. But better to be upfront and tell them, rather than them finding out later.
You'll also become liable for National Insurance Payments (Around £2ish a week), although I believe that these only become payable above a certain level of income. Ian is an accountant so i'm sure he'll be able to give accurate figures on liability thresholds.
| QUOTE |
| You'll also become liable for National Insurance Payments (Around £2ish a week), although I believe that these only become payable above a certain level of income. Ian is an accountant so i'm sure he'll be able to give accurate figures on liability thresholds. |
Yes you can apply for a SEE (small earnings exception) certificate so you don't have to pay the £2 p/week contributions. Not sure what the threshold was for last year but for this tax year (03/04)it is earnings, after expenses of £4095 or under.
This only applies for your NI obviously, you can't get away from your tax once you exceed your personal allowance!
What a sad depressing thread! why have you started this, its bad enuff you have to pay out all that doe, let a lone talk about it!
I've just posted my cheque off and wonder what the Government will waste my hard earned cash on this year - another set of advisers perhaps, to look into how not to waste our money
PaulS
PaulS
| QUOTE (paula @ Jan 20 2004, 08:35 PM) |
| What a sad depressing thread! why have you started this, its bad enuff you have to pay out all that doe, let a lone talk about it! |
A-Ha! - Paula falls into the £5000+ category
| QUOTE (Steve @ Jan 20 2004, 09:10 PM) | ||
Yes you can apply for a SEE (small earnings exception) certificate so you don't have to pay the £2 p/week contributions. Not sure what the threshold was for last year but for this tax year (03/04)it is earnings, after expenses of £4095 or under. This only applies for your NI obviously, you can't get away from your tax once you exceed your personal allowance! |
It still is
but remember on top of your £2 per week (Class 2), you need to pay 8% of any net income between £4,615 and £30,940 and 1% Excess on all income over this amount (Class 4) (current tax year).
many people forget about this
If your up to the VAT threshold and your paying more than £2K change your accountant.
I dont actually mind paying the tax, its the flipping 20 page form with 200 question they already know the answers to from my PAYE info PLUS the SE1 and additional forms that winds me up.
Im scr£ewed for the last tax year, and this current one as I've "tidied" all my receipts for the last 10+ tax years into the dustbin a few weeks ago, by accident, during a "tidy up the spare room, attic etc - the relatives are staying for Christmas", I'll be submitting a £0000.00 in the "Expenses" box, - one of the THREE sudding boxes that I really do need to fill out.
Im scr£ewed for the last tax year, and this current one as I've "tidied" all my receipts for the last 10+ tax years into the dustbin a few weeks ago, by accident, during a "tidy up the spare room, attic etc - the relatives are staying for Christmas", I'll be submitting a £0000.00 in the "Expenses" box, - one of the THREE sudding boxes that I really do need to fill out.
3 boxes! - you lot don't know your born . CSL requires the filling in of the WHOLE BLOODY FORM! even though the profit is about the same as a small window cleaning round! 
. CSL requires the filling in of the WHOLE BLOODY FORM! even though the profit is about the same as a small window cleaning round!
| QUOTE (Chris_Pointon @ Jan 22 2004, 09:25 AM) |
| 3 boxes! - you lot don't know your born . CSL requires the filling in of the WHOLE BLOODY FORM! even though the profit is about the same as a small window cleaning round! |
Thats what I mean! Ive got to fill out boxes from page 1 thru to page (what?) 20 or something, when all they need to know is What I earnt as a DJ, what I spent as a DJ, and what the difference is...
To obtain 3 sets of numbers, they send me half a rain forest, flat~packed.
| QUOTE (Gary @ Jan 22 2004, 03:29 AM) |
| Im scr£ewed for the last tax year, and this current one as I've "tidied" all my receipts for the last 10+ tax years into the dustbin a few weeks ago, by accident, during a "tidy up the spare room, attic etc - the relatives are staying for Christmas", I'll be submitting a £0000.00 in the "Expenses" box, - one of the THREE sudding boxes that I really do need to fill out. |
The scheme is self-certification, so receipts are not necesarry as the tax man does not normally need to see them, or your end of year acconts,
however if your income is "outside" of the accepted income band for a DJ, this may cause some concern, and they may want to investigate
Ian, you star! You're the first person on my PLASA drinks list....No receipts required for Self certification! Im saved!!
But isnt there some vicious rumour about dear old "Inland rev" INSISTING on seeing all my Self Assesment data once every 7 years or something.
From what youve mentioned above, an HONEST "best endeavours" calculated guess, on my behalf would suffice. But would such an estimate, with no "paper proof" get the book(s) thrown at me in the future?
Ive always tried to be upfront with Mr I.R. eg: I told them I was DJing for extra £££, BEFORE they could tell me that they I was a DJ, unlike a (then) colleague of mine, who got "discovered" and taxed an incredible sum of "estimated" earnings.
But isnt there some vicious rumour about dear old "Inland rev" INSISTING on seeing all my Self Assesment data once every 7 years or something.
From what youve mentioned above, an HONEST "best endeavours" calculated guess, on my behalf would suffice. But would such an estimate, with no "paper proof" get the book(s) thrown at me in the future?
Ive always tried to be upfront with Mr I.R. eg: I told them I was DJing for extra £££, BEFORE they could tell me that they I was a DJ, unlike a (then) colleague of mine, who got "discovered" and taxed an incredible sum of "estimated" earnings.
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