Extra Income & Tax etc.

Dazza

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Thanks for this, is that £1000 separate to any tax allowance you receive from being employed? So for me for example this additional income would be on top of earnings from my job.

Cheers.
Yes
 

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Everything is taxable. Affiliates, surveys, eBay sales that aren't personal, selling merchandise, driving for Uber. It's ALL taxable.

I would suggest not paying any tax you owe by PAYE. Just get into the habit of saving 30% of all your income from online and that *should* cover your tax/NI after any expenses have been deducted (buying stock, website hosting etc)
I agree. I put it aside because I would much rather control it and pay it at once than get it coming out of my PAYE. If it is the latter it means that HMRC "guess" how much you would earn and so it is highly likely to be wrong come the end of the year.
 
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Dazza

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Thanks for all the replies regarding this. So I haven't really moved forward with building my empire, however I just happened to mention to one of my kids that you can design things like tshirts and sell them online and now they want to be the next merch millionaire :oops:. So, sorry for the beginner questions again, but another one is regarding VAT - am I right in thinking that I don't really need to be VAT registered unless earning something like £85000 in a year from selling? Plus does anyone know how VAT works if selling through something like RedBubble but the product goes to the EU or US?

Cheers.
 
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Thanks for all the replies regarding this. So I haven't really moved forward with building my empire, however I just happened to mention to one of my kids that you can design things like tshirts and sell them online and now they want to be the next merch millionaire :oops:. So, sorry for the beginner questions again, but another one is regarding VAT - am I right in thinking that I don't really need to be VAT registered unless earning something like £85000 in a year from selling? Plus does anyone know how VAT works if selling through something like RedBubble but the product goes to the EU or US?

Cheers.
No idea on the latter part of your question but yes you are correct you wouldn't pay VAT if you don't earn over £85k a year

You don't need to be VAT registered but you do need to be registered for paying income tax on your self employed earnings with HMRC
 
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Dazza

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Thanks for this. Think I found the answer to the VAT & EU part - looks like countries have thresholds as per here, so for France for example it looks like it is £35,000. So as long as earnings don't get close to those figures then should be ok, though would be a blooming miracle if any additional earnings reach those levels :).

Cheers.
 
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