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Paying taxes while having full time job

Discussion in 'Legal, Insurance, Employment and Health & Safety' started by Gucci, Oct 27, 2018.

  1. Gucci

    Gucci

    Joined:
    Oct 27, 2018
    Messages:
    6
    Hello,

    Receintly started dropshipping ,earned about 300£ in two months. This is my extra income because I do have full time work. Since I am uk resident I don't knoe much about the laws when or what taxes you have to pay on your earnings. So few questions.

    1. Paypal asking to confirm my indentity and address. Is it for taxes?
    2. What amount can be extra income and how much I have to earn to pay taxes?

    So for now I just stopped dropshiping due lack of information about tax law in uk.
  2. Jed

    Jed

    Joined:
    Feb 16, 2009
    Messages:
    8,850
    Register as self employed, keep accounts. If your job earnings use up your whole tax free allowance then you'll pay your tax bracket rate on all of your self employed profits.
  3. Gucci

    Gucci

    Joined:
    Oct 27, 2018
    Messages:
    6
    Do I have to make registration or I can just continue selling and end of tax year I will pay taxes?
  4. Jed

    Jed

    Joined:
    Feb 16, 2009
    Messages:
    8,850
    You need to register as self employed as soon as you start ideally however they're not super strict on that.
  5. Gucci

    Gucci

    Joined:
    Oct 27, 2018
    Messages:
    6
    But I want to work in my current job and have some extra income.

    Can you please explain me about paypal asking personal information proof?
  6. Jed

    Jed

    Joined:
    Feb 16, 2009
    Messages:
    8,850
    Yes, you register as self employed while working... you can do both.

    I don't know about PayPal. If you want to use their services then you'll need to provide them what they ask for.
  7. Gucci

    Gucci

    Joined:
    Oct 27, 2018
    Messages:
    6
    Can you explain me how will I pay taxes on ebay income?
  8. Jed

    Jed

    Joined:
    Feb 16, 2009
    Messages:
    8,850
    "Register as self employed, keep accounts. If your job earnings use up your whole tax free allowance then you'll pay your tax bracket rate on all of your self employed profits."
  9. The Wholesale Community

    The Wholesale Community

    Joined:
    Feb 16, 2018
    Messages:
    36
  10. Gucci

    Gucci

    Joined:
    Oct 27, 2018
    Messages:
    6
    Okay. How does this tax payment work. Should I declare monthly earnings?
  11. The Wholesale Community

    The Wholesale Community

    Joined:
    Feb 16, 2018
    Messages:
    36
    I would hate to advise you incorrectly but yes you should declare all your earnings. The tax office are extremely helpful so I would just give them a call and ask. It is a pain to set these things up but worse if you don't get it all put in place correctly right from the start. Good luck!
  12. Gucci

    Gucci

    Joined:
    Oct 27, 2018
    Messages:
    6
    Okay. Thanks
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