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Do we have to pay tax? [UK Residents Only]

Discussion in 'Black Hat SEO' started by Smart SEO, May 14, 2013.

  1. Smart SEO

    Smart SEO Senior Member

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    Hi, i live in the UK and i have a good amount of money in my bank account now. Im currently in my first year in University so i was wondering do we still have to pay tax on our internet marketing earnings? If so how does it work, what do i need to do?

    Kinda confused about the whole thing. Iv just left the money in the bank, and nobody has told me anything about it being taxed or anything.

    Any ideas??
     
  2. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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    How much money have you made (revenue)? That will make quite a difference to the correct answer...
     
  3. healzer

    healzer Jr. VIP Jr. VIP

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    by law, you have to pay taxes for each penny you earn legally :)
    but how to do it; maybe talk to an accountant or some BHW members from UK
     
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  4. Smart SEO

    Smart SEO Senior Member

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    This year around 7000 pounds. It will be much higher once my amazon commisons start flowing in starting late next month. On average though i make around 2000 pounds a month.

    I have no idea what im doing, its just all piling up in my bank.

    Cheers

    EDIT: I was talking to someone earlier and they said something to do with Offshore accounts, but he said if you dont know what your doing, the money could end up in the wrong persons hand? WTF lol
     
    Last edited: May 14, 2013
  5. nwworkwear

    nwworkwear Registered Member

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  6. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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  7. Smart SEO

    Smart SEO Senior Member

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  8. TheArticleMan

    TheArticleMan Power Member

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  9. Abstroose

    Abstroose Elite Member

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  10. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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    Mine is in Angel if that's any good for you?
     
  11. pokerjk

    pokerjk Senior Member

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    Yes I would do what meathead said. Also do you have any other part time job / other income as well as online? As this will be added to the 7k and may take you over the limit you have to pay tax on.

    Get an accountant though, you will be able to write a lot of income if you are working from home.
     
  12. Smart SEO

    Smart SEO Senior Member

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    Do you need to physically know the guy or can everything be done via phone/email?
     
  13. Smart SEO

    Smart SEO Senior Member

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    Thanks! But what do you mean "will be able to write a lot of income" Are they capable of saving you money?
     
  14. verilix

    verilix Jr. VIP Jr. VIP

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  15. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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    It's easier to go meet them in person initially and start building a relationship. You need your accountant to be on side from day one so it's not a place to be cutting corners.

    I don't meet mine very often and do most over the phone and email, but I would definitely recommend finding someone local.
     
  16. meathead1234

    meathead1234 Moderator Staff Member Moderator Premium Member

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    There are certain costs you can offset against your taxes. So you might earn far more than the tax threshold but write off enough to pay less tax. An accountant will definitely save you money, mine is the best investment I've ever made.
     
  17. pokerjk

    pokerjk Senior Member

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    Yes, they will advice you on what you can claim as expenses such as a percent of rent you pay, a % of utility bills even things such as toilet roll. They pay for themselves really.
     
  18. Smart SEO

    Smart SEO Senior Member

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    Thanks guys, ill definitely book some appointments locally
     
  19. ShabbySquire

    ShabbySquire Power Member

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    As mentioned, keep all your invoices related to your business. Whether you buy: proxies, vps, hosting, wp plugins, any software, etc. Anything you spend to keep your biz afloat/running.
     
  20. shanna_doll

    shanna_doll Power Member

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    Why'd you pay tax? To pay for government that spends money on expensive cars and unlimited coffee? I'd never pay tax when I don't have too, at least not in my country because the gov is a joke for years. The only "tax" I want to pay is my religious duty of paying 2.5% of funds I'm not using over whole year, to poor people.
     
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    Last edited: May 14, 2013