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Elljay
Forums Member
Joined: 23 Jul 2008
Posts: 11
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#1 · Posted: 18 Aug 2008 15:56
before declaring it?
I am prety new to all this and wanted to know if there is a figure you need to be earning before having to pay taxes on it. I am in the UK by the way.
Thanks x
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Newbie Shield
Joined: 22 Sep 2007
Posts: 2226
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#2 · Posted: 18 Aug 2008 19:22
Hi Elljay,
It's around $600 before the entity that has paid you will report your income.
However, if you should get audited, you will have to account for every penny you've earned - even under $600. If they find you've been hiding income, you'll have to pay penalties. They may freeze your bank account until you pay it off in full.
I suggest reporting everything you've earned. You get deductions and write-offs anyhow. Might as well sleep well rather than risk ending up on the Government's trouble list and having to answer to them.
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Elljay
Forums Member
Joined: 23 Jul 2008
Posts: 11
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#3 · Posted: 19 Aug 2008 09:30
Thanks for the info, think I best start taking note of things 
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tinimini
Forums Member
Joined: 4 Jan 2007
Posts: 12
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#4 · Posted: 30 Aug 2008 21:26
It's actually $500 that you have to declare.
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