Tax For A 15 Year Old

Limelike

Limelike

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Hey Guys,
Im a 15 year old black hatter :) at the moment im only making couple $$ a day. I have a couple of plans which should rake in some cash for me.

Im a british resident so on so will i have to pay tax so on when i start making big money? My bank accounts are with hsbc barclays and abbey and advice ? Will they get suspious when i cash out.

Thanks.
 
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They might get suspicious, but technically your parents/guardian is usually responsible for you until 18 years old.
 
I know in the states you have to pay your own taxes same as an adult if under 18, I'm guessing it's the same there.
 
Hello, im 16 and from england and my dad said legally i should be paying tax (obv im not) im not sure if he is actually right though as i had a bill though for customs on a package i ordered from china and i phoned them up to ask how to pay and after i said my DOB they told me i didn't need to pay customs charges?? customs is tax so??
 
Don't guess when it comes to taxes. I am not familiar with your country's laws so I will give you the best advise you will ever get on this forum in reference to taxes.

Contact a local CPA (Certified Personal Accountant). He will know the law like the back of his hand and be able to guide you. Simply tell him you own a website that reviews video games, and you make money from banners. He won't dig into what you do. This will cost you $20-$400 per hour(for you a $40 an hour lawyer should work. They vary that much. My CPA charges me a fair, yet high dollar rate. You don't need someone very big or reputable. Just fact check him at home with google. Sorry for not converting the dollars to euros, you can handle that. Just get in your phone book or look online.

Also, in the US if you make more than $600 you have to file taxes at any age.

Good luck!
 
we are pounds not euros =), and thanks for the advice tax isnt as strict as in the us though if your paying tax on your primary job they dont look into anything else normally + if they do they dont take you to court or anything aslong as you pay what you owe when they ask for it.
 
Oh thank you for correcting me, I wasn't thinking right.

Lucky you that taxes are alot less of an issue. IRS is the largest form of organized crime I have ever read about. Quite impressive really.

Although I still suggest looking to talking to a professional. Starting good habits like that is crucial at your age.

Good luck!
 
You wouldn't pay ANY form of Tax unless you earned over 5550 Pound in a year as a student.

So good luck :)

It's not like America where you're taxed 30% no matter what age, or how much you earn.
 
TheInternetHustler said:
I know in the states you have to pay your own taxes same as an adult if under 18, I'm guessing it's the same there.
Click to expand...

That isn't true. Under 18 Has to File, yes, but they are not required to actually pay the taxes. My daughter gets all her paid taxes back, because she's a minor. But she still has to file.

AS far as Britain, I Don't know, their tax law....
 
I pay my accountant $10/hour through elance. You shouldn't have any problems finding a cheap CPA there. Also, if you are planning to make/spend a lot you should look into a small corp (the equivelant of a US LLC). This has many advantages over personal liability.
 
anyone know if this is the same in New Zealand? As I'm making $15 per day from advertising and about $20/day from trademe (NZ equivalent of egay) I'm 16 I don't know if I should be paying taxes? Or should I lay low and just pay if they ask?
 
I don't think you have to pay tax in the UK until your 16 but can't really remember, well it at least used to be like this a while back.
 
Make the money, then worry about doing taxes.
No ones gonna come after you if your 15 yrs old making a few bucks a day.
 
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