wykikitoon 21435 Posted August 28, 2008 Share Posted August 28, 2008 I have been asked to do some work by a mate. I am employeed by a company therefore this work would be "work on the side" so to speak. My mate would like to of course run this work through the books so he can invoice the client he is doing work for. Now, if he gives me a cheque for the work and I pay it into the bank, is that ok? What about tax etc etc? Do I have to be earning a certain amount before I start paying that? Link to comment Share on other sites More sharing options...
2bias 3 Posted August 28, 2008 Share Posted August 28, 2008 Why dont you just ask for cash off him? Link to comment Share on other sites More sharing options...
wykikitoon 21435 Posted August 28, 2008 Author Share Posted August 28, 2008 Why dont you just ask for cash off him? Its a large contract and he needs it all to go through the books. Link to comment Share on other sites More sharing options...
Gemmill 47003 Posted August 28, 2008 Share Posted August 28, 2008 If you're already earning enough from your current employer for your pay to be taxable (which I assume you are), then this income is taxable too. Link to comment Share on other sites More sharing options...
wykikitoon 21435 Posted August 28, 2008 Author Share Posted August 28, 2008 If you're already earning enough from your current employer for your pay to be taxable (which I assume you are), then this income is taxable too. Aye I do get taxed, so how do I pay tax on this? Do I have to keep accounts (which Ill keep a record of what) and then pay a tax bill as if I was full time contract? Link to comment Share on other sites More sharing options...
Gemmill 47003 Posted August 28, 2008 Share Posted August 28, 2008 If you're already earning enough from your current employer for your pay to be taxable (which I assume you are), then this income is taxable too. Aye I do get taxed, so how do I pay tax on this? Do I have to keep accounts (which Ill keep a record of what) and then pay a tax bill as if I was full time contract? Yeah you'll need to fill in a return I would think. You'll actually have to do the legwork on it like and contact your tax office to explain the situation, but better to do that then get caught out at a later date. Link to comment Share on other sites More sharing options...
NJS 4446 Posted August 28, 2008 Share Posted August 28, 2008 It might also be worth checking your employment contract to check you aren't prohibited from doing external work. Link to comment Share on other sites More sharing options...
wykikitoon 21435 Posted August 28, 2008 Author Share Posted August 28, 2008 It might also be worth checking your employment contract to check you aren't prohibited from doing external work. I have done that, its nothing thats going to do damage here, ie its nothing sepculative its actual work on site. Link to comment Share on other sites More sharing options...
NJS 4446 Posted August 28, 2008 Share Posted August 28, 2008 It might also be worth checking your employment contract to check you aren't prohibited from doing external work. I have done that, its nothing thats going to do damage here, ie its nothing sepculative its actual work on site. It can vary - from the obvious of not contacting or working for competitors to a ban on anything at all - fair enough if you've checked. Link to comment Share on other sites More sharing options...
wykikitoon 21435 Posted August 28, 2008 Author Share Posted August 28, 2008 It might also be worth checking your employment contract to check you aren't prohibited from doing external work. I have done that, its nothing thats going to do damage here, ie its nothing sepculative its actual work on site. It can vary - from the obvious of not contacting or working for competitors to a ban on anything at all - fair enough if you've checked. Yeh, some places Ive worked and its been a ban etc. Its easier for contract lads to do contract work elsewhere, but as I am staff here its a lot harder for me to do contract work in certain sectors. Ive spoke to my boss and he said its ok. Its not in work hours like and its nothing thats going to have an effect like I say. Now to go through the tax minefield :s Link to comment Share on other sites More sharing options...
Jusoda Kid 1 Posted August 28, 2008 Share Posted August 28, 2008 It might also be worth checking your employment contract to check you aren't prohibited from doing external work. I have done that, its nothing thats going to do damage here, ie its nothing sepculative its actual work on site. It can vary - from the obvious of not contacting or working for competitors to a ban on anything at all - fair enough if you've checked. Yeh, some places Ive worked and its been a ban etc. Its easier for contract lads to do contract work elsewhere, but as I am staff here its a lot harder for me to do contract work in certain sectors. Ive spoke to my boss and he said its ok. Its not in work hours like and its nothing thats going to have an effect like I say. Now to go through the tax minefield :s Tell him to make it payable to your gran or put a snide invoice in. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted August 28, 2008 Share Posted August 28, 2008 I'm amazed anyone would employ someone who sticks red hot chili peppers up their nose, let alone two different people. Link to comment Share on other sites More sharing options...
wykikitoon 21435 Posted August 28, 2008 Author Share Posted August 28, 2008 I'm amazed anyone would employ someone who sticks red hot chili peppers up their nose, let alone two different people. It sounds like I am some mad perv who snorts rock bands! Link to comment Share on other sites More sharing options...
Jusoda Kid 1 Posted August 28, 2008 Share Posted August 28, 2008 What sort of money you talking here? Link to comment Share on other sites More sharing options...
Gemmill 47003 Posted August 28, 2008 Share Posted August 28, 2008 What sort of money you talking here? Gisajob. Link to comment Share on other sites More sharing options...
wykikitoon 21435 Posted August 28, 2008 Author Share Posted August 28, 2008 What sort of money you talking here? Never you mind son Link to comment Share on other sites More sharing options...
Jusoda Kid 1 Posted August 28, 2008 Share Posted August 28, 2008 What sort of money you talking here? Never you mind son Blatantly a couple of hundred quid Fancy fretting about paying tax on that, what a huckle! Link to comment Share on other sites More sharing options...
wykikitoon 21435 Posted August 28, 2008 Author Share Posted August 28, 2008 What sort of money you talking here? Never you mind son Blatantly a couple of hundred quid Fancy fretting about paying tax on that, what a huckle! Its going to be a long contract of work coming in, thats what I am worried about, having money from the same source coming into my account. You can decided how much I am getting paid, be it £50 or £50,000, its none of your business is it Link to comment Share on other sites More sharing options...
Jusoda Kid 1 Posted August 28, 2008 Share Posted August 28, 2008 What sort of money you talking here? Never you mind son Blatantly a couple of hundred quid Fancy fretting about paying tax on that, what a huckle! Its going to be a long contract of work coming in, thats what I am worried about, having money from the same source coming into my account. You can decided how much I am getting paid, be it £50 or £50,000, its none of your business is it Snide invoices are the way forward then if your mate is up for it. The chances of them getting pulled out of his books are slim to say the least. Link to comment Share on other sites More sharing options...
Rob W 0 Posted August 29, 2008 Share Posted August 29, 2008 If you're already earning enough from your current employer for your pay to be taxable (which I assume you are), then this income is taxable too. Aye I do get taxed, so how do I pay tax on this? Do I have to keep accounts (which Ill keep a record of what) and then pay a tax bill as if I was full time contract? Yeah you'll need to fill in a return I would think. You'll actually have to do the legwork on it like and contact your tax office to explain the situation, but better to do that then get caught out at a later date. Unless your contract of work with your current outfit bans you from working for someone else you are OK - invoice your mate (put a number and a date on it!) - it'll be too small for you to register to pay VAT Keep a note of what you've got in When you are paid put some aside for the tax at whatever rate you pay It's up to you if you tell the tax man - if you do you are likely to get a tax return to fill in at year end which may be a pain in the rear end if its only a couple of hundred quid Link to comment Share on other sites More sharing options...
wykikitoon 21435 Posted August 29, 2008 Author Share Posted August 29, 2008 If you're already earning enough from your current employer for your pay to be taxable (which I assume you are), then this income is taxable too. Aye I do get taxed, so how do I pay tax on this? Do I have to keep accounts (which Ill keep a record of what) and then pay a tax bill as if I was full time contract? Yeah you'll need to fill in a return I would think. You'll actually have to do the legwork on it like and contact your tax office to explain the situation, but better to do that then get caught out at a later date. Unless your contract of work with your current outfit bans you from working for someone else you are OK - invoice your mate (put a number and a date on it!) - it'll be too small for you to register to pay VAT Keep a note of what you've got in When you are paid put some aside for the tax at whatever rate you pay It's up to you if you tell the tax man - if you do you are likely to get a tax return to fill in at year end which may be a pain in the rear end if its only a couple of hundred quid Smashing, thanks for that Rob Link to comment Share on other sites More sharing options...
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