Monday, 29 November 2010

I know somebody will know

When I say that I want to know this for a friend - trust me I do. It is not a euphemism for anything.
This morning, unable to get out of the village because of the snow I was talking on the phone to a friend who is also stuck at home about our relative "hobbies." Now she has more success than I do and asked me if I knew how much she was allowed to earn from her "hobby" before she had to declare it to the tax man. Well, never having earned more than a few hundred pounds in any financial year it wasn't a question I could answer but I said that I knew a group of people that would know.
That is your good selves in case you didn;t recognise the description.
Any offers?
Stay safe every one. This afternoon I have to trek through the foot of snow to the nearest shop to get supplies. It's only 4 miles - uphill.

7 comments:

Caroline said...

Ohhh what a great question - and one I'm afraid I know *nothing* about. But if (and boy it is a big "if") I ever get published it would be of interest to me as well! Caroline x

Colette McCormick said...

You and me both Caroline.

David said...

Hmm...as soon as I manage to sell one of those pesky short stories, I'll let you know Colette.

Dx

Colette McCormick said...

Weather permitting (not looking very likely at the moment) I will be seeing said friend tomorrow. I think I'll tell her that when one of us is in her position we'll tell her what the answer is.

Cally said...

Assuming your friend doesn't have a job already she can earn up to £6,475 p.a. before she has to pay tax on it.

If she does have a job that earns her more than £6,475 then she has to pay tax for any earnings from her hobby (you can have a job and register as self-employed - for any hobby money - too).

More info here: http://www.direct.gov.uk/en/YoungPeople/Money/TaxesAndYou/DG_10027647

Suzanne Jones said...

The personal allowance for anyone under 65 is currently £6475 (http://www.adviceguide.org.uk/index/life/tax/income_tax_allowances_and_amounts.htm#personal_allowances) so if you add up all your sources of income and it comes to more than this, you need to declare it and fill in a tax return.

Hope that helps.

XX

Colette McCormick said...

Cally and Suzanne - I am inpressed by your knowledge. Laura does have a part-time job but I have no idea how much she earns so I will pass on the info. See - I knew someone would know.