UK Tax and information

[x0xRosex0x]

Hello!

I have recently moved into the UK and don't know much about the taxes and how they work here. So if any input regarding it, that'd help loads!

I have made about £60-80 pounds so far and read regarding paying taxes. I just wanna know if it's worth the trouble since I only do it every now and then, also I'm just reconsidering stop modelling that is why. :S
But if it's a piece of cake then surely I will continue..

I have no job myself personally, I live together with my boyfriend. He has a job which he helps out paying food,bills so of course I feel a bit shitty and wanna make some own money for myself.


Will I have to pay taxes for the £60-80 I made and also when if possible?

Thanks for your help in advance!

 

[StacySins]

No you won't.

Go have a read: https://www.gov.uk/income-tax - really you should have went there before even thinking of coming here. Google if your best friend!

 

[x0xRosex0x]

Yeah, haha. I sat there reading and just thought it would be easier to ask the girls here. ^^;

I read the part about the personal allowance, regarding like your own income. Is that if I make that or above within a year, then I'll have to pay 20-25% tax off the money I make off here? (Just so I am prepared to put money aside!)
Also will I have to file in the form if I decide eventually that this is what I wanna do?

Just slightly confusing sorry!

 

[StacySins]

You will need to apply as self employed, after the tax free allowance you will be taxed 20% then after a certain amount 40%.

The best practice is to save 20% of your monthly earnings but if you don't earn over the allowance then you will have a nice savings pot at the end of the tax year. Either way you will need to declare your earning at the end of the tax year

 

[x0xRosex0x]

Alright, thank you so much for your help!
Feels much more less scary haha.

 

[StacySins]

Very welcome

 

[CherryChu]

I'm still trying to figure this out myself haha. I know you have to register as a sole trader within a certain time frame of starting your business, but I can't remember the details exactly. Most of it should be on that link though. What I'm still trying to figure out is how to describe my business and its services...

 

[AnneDVille]

Just one little thingy. Keep receipts for anything camming related you might buy. You can write it off as expenses in your tax return.

 

[x0xRosex0x]

Currently I am quite new to this haha, I received a letter regarding the cheque and all so yeah, I'm putting those away as well for safety. I feel much better asking about it though, just new to all this. ^^ Loving the community and people I've spoken to so far.

@CherryChu Filing in what you do in the business and all.. yeah I am afraid I'm in the same situation, xD No clue what to say.

 

[asianrawra]

Im confused too, ive done camming for 5 months now and ive earned in the thousands sum so i dont know how im going to start tax now?

 

[x0xRosex0x]

You can check your earnings on the Account Activity from when you FIRST started I think?
It will be a long scroll for you but should say there if you check the dates you have done, then do a list of how much you made monthly.
Write up a estimated amount that you have made monthly then use this to count estimated tax amount that you'd have to pay.

http://www.hmrc.gov.uk/tools/sa-ready-reckoner/calculator.htm

The form you got to fill in is really easy so don't worry about it. Good luck