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And if they do, the lack of tax returns or demonstrated income will result in getting "emergency" tax (40%) on even minimum wage until such time as they can demonstrate the (non-existent) revenue stream.

I know this from personal experience, having paid 40% tax on whatever zero hours minimum wages I've earned for the last year. It's just a total scam


keep to the Fen Causeway

by Helen (lareinagal at yahoo dot co dot uk) on Mon Jan 5th, 2015 at 03:52:09 PM EST
[ Parent ]
Ah, I do remember the year when I waited impatiently for the opportunity to do my self assessment -as I was owed something like £7k by HMRC. I never before did it on the first available day -and probably never again will.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
by Cyrille (cyrillev domain yahoo.fr) on Mon Jan 5th, 2015 at 04:14:26 PM EST
[ Parent ]
One of the things I fail to understand in this country is how HMRC works. It is so opaque that is scares me completely.

I am on PAYE and some time ago I have phoned them and asked about the lack of a letter this year. And they said over the phone: "Ah, by the way, we owe you ~1000 GBP". Some years they send a letter, some years they don't. I do no even try to understand how my net salary is computed.

Next year I will have independent income also (from a commissioned book) and I am scared just to go partially independent.

by cagatacos on Tue Jan 6th, 2015 at 06:39:15 AM EST
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Actually, once you can justify an accountant to do it all for you, it's easy. Just keep all relevant receipts and dump it on them

keep to the Fen Causeway
by Helen (lareinagal at yahoo dot co dot uk) on Tue Jan 6th, 2015 at 09:48:47 AM EST
[ Parent ]
Regarding book income, this pdf from the Society of Authors may be useful. It's not the latest version, but it's fairly recent.
by afew (afew(a in a circle)eurotrib_dot_com) on Tue Jan 6th, 2015 at 10:49:39 AM EST
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