Anonymous
15th December 2005, 23:24
Hi.
For the last 2 years since i quit my full time job i earnt my money by sportsbetting which as you may know is not liable for tax, having that lifestyle meant I never thought of tax issues at all. I then started dabbling in being an ebay and amazon affiliate with my own little basic website in Mar 05 for a change, since then ive received commission cheques totalling around £4500, however when i get paid this month my income from this 'hobby' will have tipped over the line where tax is now applied (from April 05).
As I considered it a part time hobby to fill some time and learn something new and espec. since it didnt bypass any tax brackets i assumed it was fine to let go as no tax was owed on it anyway. Now Ive decided to go official and get back into the tax world again Im confused as to when I should state I started my 'business'.
Theres obviously no way I can ignore this now but will they require me to say I started in Mar 05 (last tax year)? Or can I state the date of the payment which pushes me over the £4895 barrier? Or will it have to be April 05 as thats when this tax year started?
Im baffled and have since read up on fines for registered self employed over 3 months late, this situation has really come about by accident! I'll take the fine on the chin if I have to, but when should my starting date be? Thank you.
For the last 2 years since i quit my full time job i earnt my money by sportsbetting which as you may know is not liable for tax, having that lifestyle meant I never thought of tax issues at all. I then started dabbling in being an ebay and amazon affiliate with my own little basic website in Mar 05 for a change, since then ive received commission cheques totalling around £4500, however when i get paid this month my income from this 'hobby' will have tipped over the line where tax is now applied (from April 05).
As I considered it a part time hobby to fill some time and learn something new and espec. since it didnt bypass any tax brackets i assumed it was fine to let go as no tax was owed on it anyway. Now Ive decided to go official and get back into the tax world again Im confused as to when I should state I started my 'business'.
Theres obviously no way I can ignore this now but will they require me to say I started in Mar 05 (last tax year)? Or can I state the date of the payment which pushes me over the £4895 barrier? Or will it have to be April 05 as thats when this tax year started?
Im baffled and have since read up on fines for registered self employed over 3 months late, this situation has really come about by accident! I'll take the fine on the chin if I have to, but when should my starting date be? Thank you.