I have a full time job and am looking to add a little extra income from doing these online surveys and also by possibly selling photos on some of these stock sites. I have no idea about tax and all that stuff. I am wondering what do I have to do - I understand that I would have to declare any income but not got a clue on what that really means practically. Any help and advice or links to useful sites would be appreciated. Thank you.
Sorry, thank you for your reply but i'm in England, UK! I should have put that in originally, sorry again.
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October 17th, 2008 at 8:01 am
You need to ask your tax office for a Self Assessment tax return at the end of the tax year. You will declare this income as casual fees and the tax will be payable by 31 January following the end of the tax year in which your earnt the fees.
October 17th, 2008 at 8:01 am
I always understood that you can earn about £500 a year on selling items or selling your car, etc. without having to notify the tax man. Just imagine, if you had to tell him everytime you made a few pounds, he would not be able to cope!
October 17th, 2008 at 8:01 am
Depending on if you’re Canadian or American, it depends on how you’re supposed to claim the income.
As an American: Report your income on the line entitled “other income”. You may also receive a W99 form from a market research company which will explain how to claim this extra income.
As a Canadian: Report your income on the line 104 entitled “other income” .
Hope this helps - online survey taking is great!