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UK Taxes

Discussion in 'Business & Tax Advice' started by cuppatea78, Jan 26, 2009.

  1. cuppatea78

    cuppatea78 Regular Member

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    Hi Guys

    What do you guys from the UK do with regards to tax on the money you make from IM?

    I have not done anything with regards to this as of yet. I am from England but live abroad with the view of returning to London in a few years time. All the money i make from IM goes into my pp account which i then put into my UK bank account. Is this a big no no and will the tax peeps come chasing me if i keep this up?

    For now i am only making a roughly 1 thousand $ a month but will be increasing that in the near future.

    What do you guys do. Any advice or point in the right direction would be great.

    Cheers
     
  2. loxy

    loxy Registered Member

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    Wouldn't you like to know!
    I haven't had any problems with this kind of cash flow coming though.
    Paypal did limit my account at one point when I started getting over £1000 a month.

    Had to prove I wasn't money laundering basically.

    So just be careful with it, withdraw some to wifes acct, sons, daughters etc.
    Each is allowed certain amounts of tax free withdrawals.

    You can also move funds into instant access ISA's which are tax free.
     
  3. Steb

    Steb Registered Member

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    I suggest you get professional advice on this. You would usually pay taxes to the country of residence, but its going to a UK bank account, so im not really sure. You should definately be paying taxes of some sort on that amount though..

    better safe than sorry!
     
  4. buttmonk

    buttmonk Jr. VIP Jr. VIP Premium Member

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    Hi mate.

    I was unsure with this when i first started out, but then some companies i am with started asking me to submit an invoice for payment, so when the taxman sees you being paid a certain amount each week/month, will he not wonder why you have not payed tax on your income?

    Just better to be safe than sorry!
     
  5. craig333

    craig333 Newbie

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    you do not pay tax to the UK but you should pay it to the country you are living and supply your UK bank with a overseas tax code but if they haven't asked why bother.

    i would get your money sent to a bank where you live if i was you as bank charges can be a fucker.

    but to be honest you could prob pay tax to the UK and it would't be hard to pay no tax on £1,000 a month.

    just claim for your car 25% of cost, all the car insurance and tax work etc, new laptops 50% first year 25% after that, milleage, use your house a place of work and claim internet costs, part of the electric, gas etc and you will be well under the limit or close to for any tax costs ;)

    good luck mate :)
     
    Last edited: Feb 3, 2009
  6. terryuk

    terryuk Junior Member

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    I just filed my UK accounts, a bit late :D IMHO, keep the UK tax man sweet and your OK else where. If your English, and still classed as an UK resident then you wanna be filing accounts, whether your declaring all to the UK tax man or not. At least declare something so your 'still alive' as such. Overseas health care costs much more, so keeping sweet in UK is a must!
     
  7. Soldit

    Soldit Registered Member

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    OK

    I'm a UK IM making about £1k - £1.5k a month. I also have a full time regular job and so pay taxes on that income

    I know that i should declare my IM income but I don't. The money goes straight into my bank acc by wire or cheque every month.

    Will the tax man come sniffing after me or not? I heard that they only come looking when you are not paying any taxes at all and are also not claiming job seekers.

    any UK marketers with experience on this?
     
  8. welshman

    welshman Power Member

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    I just pay taxes on my regular salary. In my view I pay enough tax as it is. My wife is waiting for them to declare a fart tax before we leave!
     
  9. secrethq1

    secrethq1 Junior Member

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    yeah thats the problem cuz when you start off u dont earn as much but have to pay taxes if your earning i duno 14k or more need to do more research on this but its a good topic cuz i need to find out also since I live in the UK
     
  10. oxonbeef

    oxonbeef BANNED BANNED

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    I'm in the UK and nearly all my business is done through my LTD company
    which I advise anyone to form if they want to be taken seriously in business.
    My company pays me a negligible wage, All my computers, my car ect are owned
    by my company as business tools and assets even lunch is set aside as a business
    expenditure. If I want to make a large purchase myself my company gives me a loan
    Which I pay back through the books.
    A good accountant is worth his weight in gold.
    Tax evasion is illegal, Tax avoidance is what businesses are for.
     
    Last edited: Nov 15, 2009
  11. Blueprint

    Blueprint Jr. VIP Jr. VIP Premium Member

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    Post the question in moneysavingexpert.com - as there are some good financial gurus there, however make it sound a bit less like "I don't want to pay tax" and more like, where do I stand financially with my current situation. :)
     
  12. IMProducts

    IMProducts Newbie

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    I'm from the U.K and wee get ass raped for everything, mainly tax. But In your situation I think you would be ok but I am not that knowledgeable in this field.
     
  13. behealthy

    behealthy Registered Member

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    Yeah thats what I thought too. £64,000 isnt it?

    Another way around it is to split your money to different bank accounts keeping under the safe amount.

    Or better still just use an ISA, I believe the tax man cant touch those.
     
  14. welshman

    welshman Power Member

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    £6475 of your annual salary on average is tax free. anything over that and it's taxed.