Jump to content
House Price Crash Forum

Archived

This topic is now archived and is closed to further replies.

Rave

Self Employment Tax Advice?

Recommended Posts

Sorry to be lazy, I daresay I could laboriously google all this myself, but thought I'd ask on here as I know lots of you are self employed in some capacity or other.

I won't go into the whole long story but a friend of mine has been long term unemployed. He was living with his mum at her expense but they have become estranged now. While living with me he has done some web design and graphics work for a mutual friend of ours and has earned himself a few thousand pounds. However as he has never had a job or claimed benefits he is not 'in the system' as it were.

Obviously the friend wants to pay him, and as he's now 35 he really needs to start paying his stamp at least. What would be the best way of registering with HMRC and declaring this income? On an ongoing basis he's likely to earn a few thousand more a year from the friend, and I plan on setting him up with a matched betting system that I know from my own experience to be pretty lucrative if you put the hours in.

Share this post


Link to post
Share on other sites

Yep ^ Ltd sounds too much hassle for what he is doing just now.

Share this post


Link to post
Share on other sites

PM me if you're interested- I thoroughly recommend it, but I'm not going to go discussing it on here for obvious reasons! Or have a look at the Matched Betting section of the Money Saving Expert forum for a general idea of what it involves.

Cheers TMT, that sounds like it, I'll get him on it.

Share this post


Link to post
Share on other sites

O.K. well you can PM me too and I'll reply tomorrow! Clearly I'm not going to take the mickey out of Fubra by posting links to clickbank get rich quick schemes, but I've made a fair bit of easy money out of it, much of it completely risk free. It's not a pyramid scheme or forex trading or anything like that- as I say you can get an idea of what's involved on the Matched Betting section of the MSE forum (and get involved for free if you fancy it). I've had more than my money's worth paying my chap for his info, but that good info is all he provides.

Like I say PM me if interested, I'm honestly not fishing for referral income! :P

Share this post


Link to post
Share on other sites

Note he will need an NI number to register as self employed.

Make sure he keeps money back to pay any tax/ni bills (although they could be small to non-existent if the sum really is a couple of thousand a year).

I don't think you have to declare income from spread betting/gambling - but keep records of any wins in case of possible HMRC investigation.

http://www.hmrc.gov.uk/manuals/bimmanual/BIM22015.htm

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   58 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.