Nixers - how are these taxed?

kate2006 · 15 May 2006

Hi I've the opportunity to do a bit of work on the side but I want to go through the right channels without the hassle of setting up a company etc..

In my current job I am a PAYE worker on the 42% bracket. I want to do this right so say for example I get e500 for a job - how do I go about declaring this and how will I be taxed,? I don't believe its worth my while registering for VAT as I would only be making an additional 3-5k per annum.

Many Thanks,
Kate.

ClubMan · 15 May 2006

Presumably you just declare the additional non PAYE income on a [broken link removed] return unless you are over the limit requiring you to become self assessed?

Section 14 Finance Act 2005 amends the definition of a "chargeable person" for Self Assessment purposes. An individual who is in receipt of income
chargeable to tax under the PAYE system but who is also in receipt of gross non-PAYE income of €50,000 or more from other sources, such as trading,
professional or rental income etc but where this income has been reduced to nil or to a negligible amount because of deductions, losses, allowances and
other reliefs, is regarded as a 'chargeable person'. An individual who is a 'chargeable person' for the purposes of Self Assessment Income Tax should
complete a Pay and File Income Tax Return Form 11 or Form 11E.

Nixers - how are these taxed?

kate2006

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ClubMan

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Nixers - how are these taxed?

kate2006

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ClubMan

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