Distributor Declaring Income – HMRC
Distributor Declaring Income – HMRC: I had appointment with potential distributor and he has asked me a question, I don’t know if it has been asked before, probably yes, but I think it’s valid point: “When do you need to declare your income to HMRC?”
I told him to worry later as it will take time before any income needs to be declared.
I’m thinking here about full time employment and self employment. Could anyone please enlighten me?
The Government Website clearly says. “You’ll need to register for Self Assessment and Class 2 National Insurance as soon as you can after starting your business.”
Register by 5 October in your business’s second tax year. You could be fined if you don’t.
- Keep records.
- Talk to an upline that understands it.
- Generally, any income up to 5th April, tax return needs to be in by 31st January of the following year.
- There are allowances to be had if not already used such as clothing, mobile, broadband, mileage, meaning a proportion of income will be offset.
If your joint do you both need to claim, or main associate?
As a joint you can both claim. I earn more than my wife does so we put some of her allowance against mine to reduce my liability. Get a good accountant.
I hope this helps with the query “Distributor Declaring Income – HMRC” for Reps, Agents, Representatives of MLM, Network Marketing / Multi Level Marketing and Direct Selling organisations.