How do I declare my income? taxes, contracts etc?

[eilis]

1. How do I declare my income?
2. How much do I need to be earning before I have to declare it?
3. If no contracts are written between people and a person gives a person gifts or money for being a dominatrix does this still make it a job if it is regular?
4. If a contract is written does this automatically make it work?
5. How do I pay taxes? and again how much do I need to be earning before I pay these.

Im not looking to 'work the system' I want to make sure I stay within the law and do not want to get in trouble

[leland]

I have the exact same predicament as you. I have been doing some freelance work and only just remembered the other day I have to declare it. Basically, go onto the hmrc website and will in a tax return. If you're struggling to find the page, just type on google 'tax return form uk' and the specific page for HMRC should appear.

I can't remember the minimum, but you don't have to pay straight away anyway, you just need to declare you are earning money in this way, and in April they will let you know how much you owe them in taxes. Therefore once you have filled all this in, I would recommend saving about 20-25% of the money in a saving account which will pay for the taxes in April.

I hope this helps!

[chavivi]

Self-assessment form. Income less expenses (equipment, baby oil etc.). Everyone gets a tax free allowance then you pay tax. Work is work-you provide a service and someone pays for it. If gifts are given then you have to declare their monetary value to the revenue.

[panteno]

Self-assessment form. Income less expenses (equipment, baby oil etc.). Everyone gets a tax free allowance then you pay tax. Work is work-you provide a service and someone pays for it. If gifts are given then you have to declare their monetary value to the revenue.

1. At the end of the tax year, April, and you have until January to get your tax return in. It might be worth getting an accountant to do this for you, a lot easier!

2. Technically everything you earn you should pay tax on

3. Contracts aren't the issue it's the money. Gifts don't need to be declared so i wouldn't even put in on the form

4. Again, if someone is paying you, yes, it's work.

5. It will all be deducted from wat you submit in your tax return and at the moment it's 20%. It's taxed on profit, so if you said for your business you needed a mobile, you could say that was an expense and not pay tax on it.

These are the things I've learnt but might be worth chatting to an accountant about it