I Bill, I declare, I pay tax. What am I missing here?
September 7, 2011 4:43 PM Subscribe
What pitfalls to look out for with earning and declaring additional income in the UK? Also advice on charging for international marketing trips needed!
posted by anonymous to work & money (1 answer total)
My husband and I have both recently been offered other work we can fit in with our regular full-time PAYE jobs. (we feel incredibly lucky but fellow Mefites we both know have recently been made unemployed hence the anon question)
So far we've been advised by an accountant to set up a partnership (we posted the forms today), issue invoices and simply declare this to the HMRC. As we have no experience of this I'm hoping you might know of any pitfalls we might avoid, or hacks for legally minimising the amount of tax we pay on this income. Also any links to what qualifies as expenses when we will be doing most of the work from home with occasional travel.
I also need advice on what to charge for international marketing trips as I was salaried the last time I did this. I presume it's a per-day rate plus expenses. I will be travelling to international fairs all over the world promoting a 3rd level educational institution and securing student bookings. I have a significant reputation in the field which will add value to the organisation who approached me, but I don't want to be so expensive they struggle to afford me as this could be a significant long-term boost to the family income just when we desperately need it. Can you help?