UK Taxes

C

cuppatea78

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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
 
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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!
 
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!
 
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!
 
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!
 
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
 
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:
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. :)
 
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.
 
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