Hi all (sorry if this is in the wrong place),
To sum up: me and my gf work full time. We've started selling teaching resources to educators in America. So far its not a huge amount per month (amount so far is $200 over 4 months), but the business is growing.
We get the money transferred to our PayPal account on a monthly basis, which gets automatically turned into pounds.
As I understand it, I declare that via self assessment, and anything over my 10 000 personal limit I pay tax on.
My questions:
Who's name do we declare any profits in?
Do I have to declare it as a business?
Does it make a difference that we get paid in dollars?
Does anyone know the deadlines for self assessment?
Thanks in advance, this is boiling my head!
To sum up: me and my gf work full time. We've started selling teaching resources to educators in America. So far its not a huge amount per month (amount so far is $200 over 4 months), but the business is growing.
We get the money transferred to our PayPal account on a monthly basis, which gets automatically turned into pounds.
As I understand it, I declare that via self assessment, and anything over my 10 000 personal limit I pay tax on.
My questions:
Who's name do we declare any profits in?
Do I have to declare it as a business?
Does it make a difference that we get paid in dollars?
Does anyone know the deadlines for self assessment?
Thanks in advance, this is boiling my head!