I've just googled that and it looks like a US thing (maybe equivalent to Sole Trader over here?). I think initially it will be knowing at what point any income may have reached the level where the taxman may take an interest because, at the moment under the UK's Pay As You Earn scheme, I don't have to file a tax return. I did submit returns for a couple of years after I did a week's freelance work for a charity my mother was involved with but I really wouldn't want to get into it for something in the region of tens of dollars a year. I know someone who works in tax so I may ask him next time I see him. I'm sure technically you're supposed to declare any income at all, but I don't suppose anyone wants to actually know that someone gave me $5 via paypal.
I doubt I'd ever have enough time to make serious money at this (realistically we're talking a handful of hours a week for all fandom related activity though that isn't necessarily evenly spread) - there are some complications about my current work contract which might mean it could all vanish in a few years time, and then I might be looking at freelance programming as a separate career (assuming I couldn't get another research or lecturing post) but setting that up would be a much more serious proposition and, yes, financial advice would be needed since I know the tax rules around contracting as done by freelancers keep changing.
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Date: 2014-01-16 06:40 pm (UTC)I've just googled that and it looks like a US thing (maybe equivalent to Sole Trader over here?). I think initially it will be knowing at what point any income may have reached the level where the taxman may take an interest because, at the moment under the UK's Pay As You Earn scheme, I don't have to file a tax return. I did submit returns for a couple of years after I did a week's freelance work for a charity my mother was involved with but I really wouldn't want to get into it for something in the region of tens of dollars a year. I know someone who works in tax so I may ask him next time I see him. I'm sure technically you're supposed to declare any income at all, but I don't suppose anyone wants to actually know that someone gave me $5 via paypal.
I doubt I'd ever have enough time to make serious money at this (realistically we're talking a handful of hours a week for all fandom related activity though that isn't necessarily evenly spread) - there are some complications about my current work contract which might mean it could all vanish in a few years time, and then I might be looking at freelance programming as a separate career (assuming I couldn't get another research or lecturing post) but setting that up would be a much more serious proposition and, yes, financial advice would be needed since I know the tax rules around contracting as done by freelancers keep changing.