Self Employed heeeelp!

[diablo]

Originally Posted by deliajen

or just do what 90% of domainers do....dont pay any tax....simples, ahhh the beauty of paypal

Paypal leaves the clearest of trails for the taxman.

Look into informing HMRC about your earnings. It could be that after allowable deductions, you won't owe any tax anyway, given the increased size of the personal allowance.

But if you are getting benefits, etc., and not declaring income earned online, it could backfire big time on you further down the road.

[Caz]

Originally Posted by monaghan

HMRC are getting wise to things like eBay & PayPal, don't assume it is safe to avoid taxes, there are stiff penalties and they do apply them. (I've not been done as I pay my tax, but I do know some staff on an HMRC compliance team).

Much simpler to pay what's due rather than having to watch your back

I spoke to someone last year as I'm employed and sell the odd domain or two and while getting advice I mentioned paypal.

They said not only were they aware of paypal but paypal send them so many details of people they suspect of money laundering. That they unearth lots of garden shed businesses turning over fortunes. He said lots of them should even be vat registered never mind self employment.

If anyone's unsure about things and the phone is awkward to explain. You can make an appointment to see them.

Not to scare anyone but they do often leave people for years without saying anything. And then one day knock knock lol. They can go back 7 years.