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UK taxes.. PLEASE help me..
Hey all,
I started camming in October last year. Have received three payments from SM since then, and am now terrified of paying my taxes. - This is the first job I've ever had, and I don't know the first thing about what they are, what to pay, how to pay them.. anything.
I don't know anything about them, and everything I try to read up on them doesn't many a shred of sense to me.
I've been on the HMRC website and was faced with this on the front page:
"Self Assessment.
Do it online by 31 January
Even if you owe nothing
Miss the deadline and you’ll get a £100 penalty"
Wonderful! It doesn't even explain how to do it in a way which I can understand.
All I really know is that I'll be fined if I don't.
Could someone please explain to me how I need to go about this?
Is it urgent for me right now? I am kind of living in fear right now. -_-
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Re: UK taxes.. PLEASE help me..
To be able to pay tax you'll need to set up as a sole trader
http://www.businesslink.gov.uk/bdotg...type=RESOURCES
That link tells you how to go about it and also has a section on registering for self assessment tax return.
You are allowed to make around £7,400 per tax year which is called 'personal allowance' and anything over that to about 35k iirc you pay 20% of your earnings in tax, again if I remember correctly.
I personally would register next tax year, unless you've made 7k since october
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Re: UK taxes.. PLEASE help me..
I've made £971 so far in total from 12 Sept '11. Could I be in trouble right now if I don't pay tax before the end of this month? I am shit scared.
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Re: UK taxes.. PLEASE help me..
Also here - http://customs.hmrc.gov.uk/channelsP...E_PROD1_029841
It says - "You must pay any amount due for 2010-11 by 31 January 2012."
GAHH!!! O_O Does that mean if I don't pay anything I might owe for what I made last year asap (before this 31 Jan deadline), I could be in trouble with penalties?
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Re: UK taxes.. PLEASE help me..
You won't owe any tax as its well under 7k, I really couldn't say whether or not you'd get in trouble for not declaring your income, personally as its such a small amount I'd risk it.
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Re: UK taxes.. PLEASE help me..
Thank you so, so much for your help so far Shorty... Seriously I was on the brink of an anxiety attack over this.
I dearly, dearly appreciate it.
When is the next tax year?
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Re: UK taxes.. PLEASE help me..
Tax years run April to April I think, I wouldn't stress about it, just make sure you sort it for next year and keep all of your receipts!
I've only just started camming and was gonna see if I liked it etc, do haven't even set myself up yet because I didn't know whether I was gonna make much or not, I've been looking up tax recently!
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Re: UK taxes.. PLEASE help me..
You are my ANGEL OF TAXFEARS!!!
Thank you with all mah beatin', stressy little heart!
I'm keeping all of my receipts and also trying to pay for things as much as I can with my card so they turn up on bank statements. Hopefully that'll make it easier to manage this stuffs!
I'm in pretty much the same position as you - I don't work camming FT (part of why I was attracted to this job is the flexibility) and was pretty much just testing the water last year. This year I really want to power into it though! :)
I hope you're enjoying your own camming endeavours and making lots! x
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Re: UK taxes.. PLEASE help me..
First week sucked, second week I've doubled what I made the week before, pretty much don't want to jinx it though! I have just been reading tax stuff over and over trying to make sense of it myself!
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Re: UK taxes.. PLEASE help me..
The government has tightened it's strings on charging us for late returns - this also includes when you've registered your business, even if it didn't earn anything yet . We got charged £100 for not registering a business within 3 months of starting it ( even though we'd made well under the thresh hold ) . I would suggest you register now , because if you don't and you leave it til next year, you will have to either lie about when you started or face a potential fine. If you need any help , feel free to ask .
Missy
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Re: UK taxes.. PLEASE help me..
Quote:
Originally Posted by
ShortyGetLo
You won't owe any tax as its well under 7k, I really couldn't say whether or not you'd get in trouble for not declaring your income, personally as its such a small amount I'd risk it.
BECAUSE it's a small amount , I personally wouldn't risk it . The fine for registering late is £100 , seeing as you won't have any tax to pay , you might as well register than risk £100 to save nothing.
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Re: UK taxes.. PLEASE help me..
Would this mean I'll get charged the £100 because I haven't paid by 31 Jan this year?
Or until April?
If I register now, I'll still be late for 31 Jan.
Doh god...
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Re: UK taxes.. PLEASE help me..
Quote:
Originally Posted by
ukmissy
The government has tightened it's strings on charging us for late returns - this also includes when you've registered your business, even if it didn't earn anything yet . We got charged £100 for not registering a business within 3 months of starting it ( even though we'd made well under the thresh hold ) . I would suggest you register now , because if you don't and you leave it til next year, you will have to either lie about when you started or face a potential fine. If you need any help , feel free to ask .
Missy
They will still get a fine for registering late even if they get the tax return thing on time, or as you say lie about it if they cammed from 12th September, it's already been well over three months.
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Re: UK taxes.. PLEASE help me..
The longer they leave it , the bigger the 'lie' .....
@incantatious - If you're registering now , as having started now ( or in the last 3 months ) ... then you won't be completing a tax return until next year . The tax returns we are completing now , ran from april 2010 to april 2011...... Tax returns for this tax year won't be due until this time net year. Registering and submitting a return are two separate issues, with their own late fines. If your business 'began' after April 2011 , submitting a return before January doesn't concern you. If your business started before this date , and you earned enough to be taxed on - what they used to do was either charge you £100 for the late return , or if the amount you owed turned out to be less than the £100 fine, they would charge you instead a penalty to match your tax.... So if you didn't owe tax and you filed late , your fine would be reduced to £0 . If you owed £60 tax, your fine would be reduced to £60 ... if you owed £100+... You would be eligible for the £100 fine ..... However this year that's to change, and I read in the papers that they will be stricter about the £100 fine, and it will be applied to those who file late , even if they have zero tax to pay ......
However, this does not affect you ... You started your business in September , which is AFTER the end of the tax year for which we're currently submitting - Therefor as long as your business is registered, nothing more is expected of you until after April 2012 - At which point you must take your accounts from September 2011-april 2012, you will submit this by January 2013. Your next accounts will run from April 2013-April 2014 etc ...
So for now all you need to worry about is the fine for registering late , hopefully you won't get one , seeing as you're not even due to do a return until 2013! Your business hasn't been running THAT long outside the 3 month period given to register .... Your best bet would be to register as soon as possible , you are more likely to avoid the £100 late registration fee if you do it now , than if you do it 6 months down the line, which if you intend to file next year, you will be doing so anyway .....
Hope that clears things up a bit - I hate this time of year, tax can get confusing .
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Re: UK taxes.. PLEASE help me..
Arrrgh this is all so confusing! I think I'm just gonna get an accountant, that way I won't mess anything up. Tax doesnt have to be taxing? Yeah, right!
Thanks for the info, miss!
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Re: UK taxes.. PLEASE help me..
Thank you ukmissy for your help too!
Gahh - if the government want people to pay their taxes, they should at least make it relatively simple to do! >.<
I've a feeling that with how much I'm making, and how much I'll have to pay, I'll be knocked back down to minimum wage with this.
I'm questioning if I'd actually be earning more if I were on benefits at this rate. If it's easier to be on benefits, and people actually DO go on benefits BECAUSE it's harder to be in a job, tax-payers will have even MORE pressure on them to pay out for all of those that are on benefits!
Perhaps the unemployment rates in this country is the reason why the government are getting even more maniacal with taxes these days.
They should make paying taxes as easy as possible, for the benefit of everybody.
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Re: UK taxes.. PLEASE help me..
It's pretty simple...
Tax year 10/11 (ending 5th April 2011) needs to be filed online before 31st Jan 2012
Tax year 11/12 (ending 5th April 2012) needs to be filed 31st Jan 2013
You have a tax free allowance of £7,475 for the tax year 11/12 (ends on 5th April).
From then until next year, the tax free portion is £8,105.
Anything earned over the tax free allowance has a taxable rate of 20% so for example:
I earn £22,000 camming. I have a taxable amount of £13,895. The tax payable on that would be: £2,779.
That leaves me with £19,221 after tax.
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Re: UK taxes.. PLEASE help me..
ARGH. okay I started officially in november 2010 and since then i have made about £8000 (i have been doing it on and off because of illness... only recently starting to treat it as a real job.)
I didn't register as a business or as self employed because i am an idiot. Now I have absolutely no idea what to do. If I register as self employed now will i still miss the deadline? I've only earned like £3000 in the tax year 10/11 and £5000 (so far) in the tax year 11/12.
If someone could help me too that would be amazing. I dont want to end up completely screwed. :(
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Re: UK taxes.. PLEASE help me..
I'm hitting problems filling out my Self Assessment and National Insurance contributions registration (and, just so I'm clear, that IS what I need to do to register as self-employed, isn't it? This is my first step?) with the address of my company..
I work for Streamate... so... what address do I put for that? >.< I can't find their addy anywhere?
I put "Independent Contractor / Online Model" as my answer to "What sort of self-employed work do you do?" - this is okay right?
Apologies for all of my questions here - they must seem simple to many of you girls well-affiliated with taxes. I'm completely new to all of this though, so it's put the fear of hell into me to realise how much they can fuck you over and how complex it is to a newbie.
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Re: UK taxes.. PLEASE help me..
You put your own home address- Unless you work from an office or physical studio .
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Re: UK taxes.. PLEASE help me..
Also would there be any harm in me putting the date I started working for myself as the date of my first payment?
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Re: UK taxes.. PLEASE help me..
No that's perfectly acceptable .
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Re: UK taxes.. PLEASE help me..
Thank you for this thread, it's been very helpful! I've had jobs before and have a part time job, but I've never before had to do my taxes myself as my mum would always do the reports for everyone in the family.. first time I'm working abroad though, so I'm a bit anxious too! :x
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Re: UK taxes.. PLEASE help me..
Quote:
Originally Posted by
Dreamofluxie
ARGH. okay I started officially in november 2010 and since then i have made about £8000 (i have been doing it on and off because of illness... only recently starting to treat it as a real job.)
I didn't register as a business or as self employed because i am an idiot. Now I have absolutely no idea what to do. If I register as self employed now will i still miss the deadline? I've only earned like £3000 in the tax year 10/11 and £5000 (so far) in the tax year 11/12.
If someone could help me too that would be amazing. I dont want to end up completely screwed. :(
just to bump this incase no one saw. I dont want to hijack OP's thread but I really have no idea what to do...
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Re: UK taxes.. PLEASE help me..
Call them. Tell them you think you did but you never received the paperwork and you're not sure what to do.
Usually they're pretty helpful :)