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
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~
