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(#1)
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The inland revenu thingymajig and taxes -
19-04-2006, 11:15 AM
Hi,
This has been bothering me for some time. At the moment, i am acting as a sole trader and am under the age of 18. Everything i make goes into my personnal bank account. This is whats confusing me.... Do i need to pay taxes for that money? I know that there are no forms i have to submit, such as the annual return form, but not very sure about the taxes... Miro 
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(#2)
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Re: The inland revenu thingymajig and taxes -
19-04-2006, 11:38 AM
I foresee trouble for you young man.
The fact that your profits are going into your personal account doesn’t exempt them from taxes. You should have informed the Revenue within 3 months of starting to trade of your self employed status. They will then send you a self assessment return that you complete and use to calculate your tax liability. Have a look here to see how it all works. Regards Joy
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(#3)
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Re: The inland revenu thingymajig and taxes -
19-04-2006, 11:40 AM
Yes, but i havent even got a national insurance number...
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(#4)
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Re: The inland revenu thingymajig and taxes -
19-04-2006, 01:42 PM
Everyone should have a NI number, I thought you were given one at birth.
Jayne
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(#5)
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Re: The inland revenu thingymajig and taxes -
19-04-2006, 01:54 PM
No, you get one when it approaches your 16th birthday, but becasue i am not a british citizen (yet) i have to apply for mine through the council. Problem is that as i have not got my passport at the moment (my visa is being renewed) i cannot apply.
They dont accpet anything else than a passport, and not even photocopies.
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(#6)
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Re: The inland revenu thingymajig and taxes -
19-04-2006, 01:57 PM
Do you have a work permit then? I didn't know you could work without your NI number?
Jayne
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(#7)
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Re: The inland revenu thingymajig and taxes -
19-04-2006, 01:59 PM
Thats what i mean. I dont work anywhere. I just run my own little thing. But as i havent got a national insurance number, nor am 18, i dont know whether i count as a self-employeed, and thus dont know whether i have to pay taxes on the money i put in my account.
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(#8)
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Re: The inland revenu thingymajig and taxes -
19-04-2006, 02:02 PM
You are still working! If you earn money then you are earning, so therefore you'll have to pay Tax. When you do get your NI number, they will expect you to have records of all sales and you will be Taxed! Knowone ever gets away with Tax..lol
Jayne
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(#9)
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Re: The inland revenu thingymajig and taxes -
19-04-2006, 02:06 PM
But thats exactly what im not sure about. I think this is ture, maybe joyous can comment, is that the reason you pay taxes is becasue you are over the age of 18 and have an NI number. If im not either, then do i pay taxes...
I know there is something along these lines. And anyway, the reason i posted here is so that i know what to do, and so that i am on the right side of the law. I dont feel like spending my 18th birthday in a cell! LOL!
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(#10)
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Re: The inland revenu thingymajig and taxes -
19-04-2006, 02:09 PM
PM Joy and ask her, she'll keep you our of jail..lol
Jayne
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