Money query - self-employment & Studylink
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Topic: Money query - self-employment & Studylink
Posted By: Spacette
Subject: Money query - self-employment & Studylink
Date Posted: 10 June 2011 at 8:42pm
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Has anyone been in the position where they're earning a little bit of freelance $ and had to make that work with an earning threshold?
Basically we are living (carefully) on DF's student allowance + p/t earnings while I'm at home with A, and he earns about as much as we're collectively allowed to before the allowance starts going down again. Which is fine. But I periodically do some random freelance stuff (writing + performing), which is declared at the end of the year along with the expenses and is then taxed accordingly. Consequently it's hard to let Studylink/WINZ know an exact amount actually earned weekly until the end of the year when it's all sorted, but I'm scared of getting a big bill at that point. The easiest answer is probably 'don't earn anything!' but it's generally stuff that's handy for portfolio etc. Or to keep it all untouched in an acc until then, but that could be tricky too  .
Just thought I'd ask anyway in case someone has been in that position. ------------- http://lilypie.com">  
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Replies:
Posted By: choco69
Date Posted: 10 June 2011 at 9:42pm
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i know others who have done that - particularly as studylink get so easily confused if your money earnt is not the same every week - assume your earnings won't be really huge - the only way you will get a huge bill is if you cross the income threshhold for the year - which I think is 38,000 then you shouldn't be hit with a tax bill
the only other way is to declare as you go - so each time you earn some money you declare it for that week (probably easier to ring and declare than use the silly online thing) ------------- http://lilypie.com">  
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Posted By: High9
Date Posted: 10 June 2011 at 11:10pm
I'd do this too but be warned... Every time I ring I get a message that they're either over loaded and can't take my call so do it online or I sit waiting for over 20 mins! Really frustrating! GL! ------------- http://lilypie.com"> 
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choco69 wrote:Posted By: Spacette
Date Posted: 11 June 2011 at 12:01pm
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Cheers! Yeah, they're pretty dopey understanding even 'normal' income, that's the problem. And that I don't know what my actual income is until all expenses off. Maybe hanging on to it every few months and then declaring would work.
No, it won't be near 38k. But I know if I earn it does come off DF's allowance fairly directly (hence holding off on returning to p/t work!). ------------- http://lilypie.com">
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