How much money do you have to earn....

Discussion in 'Accounting and Legal Advice' started by Elljay, Aug 18, 2008.

  1. Elljay

    Elljay New Member

    before declaring it?
    I am prety new to all this and wanted to know if there is a figure you need to be earning before having to pay taxes on it. I am in the UK by the way.
    Thanks x
     
  2. Newbie Shield

    Newbie Shield Gold Member

    Hi Elljay,

    It's around $600 before the entity that has paid you will report your income.

    However, if you should get audited, you will have to account for every penny you've earned - even under $600. If they find you've been hiding income, you'll have to pay penalties. They may freeze your bank account until you pay it off in full.

    I suggest reporting everything you've earned. You get deductions and write-offs anyhow. Might as well sleep well rather than risk ending up on the Government's trouble list and having to answer to them.

    ~Newbie Shield~
     
  3. Elljay

    Elljay New Member

    Thanks for the info, think I best start taking note of things [​IMG]
     
  4. tinimini

    tinimini New Member

    It's actually $500 that you have to declare.
     

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