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Old 03-06-2001, 01:42 PM   #1
pearce6
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Unhappy Taxes Please Help

This is first year i have started to earn ANY MONEY. My question is HOW do i pay taxes?? each month or end of year? When exactly? Also how much will i have to pay (UK) i expext to make about a thousand a month.

This is important to me because i dont want to be accused fraud. LOL Please help
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Old 03-06-2001, 02:27 PM   #2
pearce6
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PLEASE http://geekvillage.com/ubb/frown.gif)
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Old 03-06-2001, 03:32 PM   #3
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Quote:
Originally posted by pearce6:
This is first year i have started to earn ANY MONEY. My question is HOW do i pay taxes?? each month or end of year? When exactly? Also how much will i have to pay (UK) i expext to make about a thousand a month.

This is important to me because i dont want to be accused fraud. LOL Please help

The best thing you can do is go to a professional who handles taxes in your country. They will know the laws.




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Old 03-06-2001, 04:46 PM   #4
Kaycee
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I'm not sure how it is in the U.K., but here in the States, you have to make a NET Profit of $400 or more before you're even required to file a report of Self-Employment income.

In determining the NET Profit Earnings here, you subtract the costs of computers, software, advertising, a room used primarily for your business in your home, etc.

Also here in the US, if you were to call a Tax Man asking him what Taxes you are liable for in making money on the Internet, he'll respond with "PLENTY". He won't inform you of your tax deductions until you put money in his hand. Then you may find you were not even required to file, because you didn't make $400 NET PROFIT (income).

Your Affiliate Program checks that are sent to you are GROSS income. It is the NET income that you are required to report (if $400 or more in a year).

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Old 03-06-2001, 04:53 PM   #5
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Quote:
Originally posted by Kaycee:
I'm not sure how it is in the U.K., but here in the States, you have to make a NET Profit of $400 or more before you're even required to file a report of Self-Employment income.

In determining the NET Profit Earnings here, you subtract the costs of computers, software, advertising, a room used primarily for your business in your home, etc.

Also here in the US, if you were to call a Tax Man asking him what Taxes you are liable for in making money on the Internet, he'll respond with "PLENTY". He won't inform you of your tax deductions until you put money in his hand. Then you may find you were not even required to file, because you didn't make $400 NET PROFIT (income).

Your Affiliate Program checks that are sent to you are GROSS income. It is the NET income that you are required to report (if $400 or more in a year).

Actually, you have to report the gross income and then show your deductions against it as the affiliate programs submit 1099s to the government which means you have to claim the income regardless of whether you make a profit. If your expenses exceed your income then you would report a loss on your taxes.

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Old 03-06-2001, 08:06 PM   #6
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The question that must first be asked is: Is this income Self-Employment Income?

If it is Self-Employment income, the IRS requires you to file if you make $400 or more "NET".

Read the IRS's "Who must file" section.
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Old 03-06-2001, 11:36 PM   #7
pearce6
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When do i have to do this?? Once a year?? if so what month. Thanks for all the advice and do u know any websites with more detailed advice.

Thanks
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Old 03-06-2001, 11:46 PM   #8
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Check the websites of your local government departments. You should find a wealth of information regarding the calculation and payment of taxes, as well as a directory of certified accountants and/or links to further resources for small businesses.

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