Tuesday, March 16, 2010

Full time uk student doing bits of freelance, how do i work out tax

Full time uk student doing bits of freelance, how do i work out tax?
This is abit complicated but I am going to try and explain the best I can. I live in the uk where i am a full time student, i have just finished at a job working mon-fri 9-5, since april 08 i earnt £5500 and paid £565 in tax. I worked out online i am due a rebate of around £450 becuase I will be an unemployed full time student from now until the end of the tax year. But to complecate this I will be doing the odd bit of freelance work in my final year, i am not self employed as i am a full time student but i need to invoice the person i do freelance for. I am going to still get the rebate and then do i need to declare the money i get from the freelance and will i have to pay tax, i just have no idea what i am meant to do...? Any help, advice, links would be awesome =] Thanks
United Kingdom - 1 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Correct me if I am wrong and ask the Inland Revenue but I am sure I was told by an accountant years ago that initially one can experiment and see if it works out to do a little bit of self employed work. I might be wrong - ask the Inland Revenue or an accountant



 Read more discussions :
Posted by Freelance Job at 2:59 PM

Friday, March 12, 2010

Where can I find go freelance coupons


Where can I find go freelance coupons ?
I would like to have a job, preferably part time so i could have plenty of time to spend with my family. and i was thinking of a job that can allow me to work from the comfort of my own home. i saw gofreelance and was thinking of joining, but first, i'd like to know if anyone can offer any discount coupon for this?
Other - Business & Finance - 1 Answers
Random Answers, Critics, Comments, Opinions :
1 :
Unfortunately I have never heard of gofreelance and can't speak for them directly. However, I have used Elance over the past 10 years and I can honestly say that that caliber of providers and projects are very high indeed. In fact, I have completed over 700 projects to date and the number goes up every day! My secret is that I bid often, am careful about which projects I bid on, bid what I'm worth (never lowball), and read the project description carefully. If I truly believe that I can complete a project and exceed a client's expectations then I definitely bid on it with a custom bid. In addition, I always search for projects with long term potential. For part time jobs, I suggest that you input the words "long term" or "ongoing" into Elance's search box to find projects that meet that criteria and then bid. By doing this, you will have a better chance of getting hired for a long term part time project so that you too can work from home and have more time for your family. Kristi Patrice Carter



 Read more discussions :
Posted by Freelance Job at 2:56 PM

Monday, March 8, 2010

Already filed taxes and just received a late arriving 1099

Already filed taxes and just received a late arriving 1099?
I filed my taxes the other day (Feb 4) and now today I get a 1099 form in the mail for a job ( a freelance job i forgot about) where the taxes were not taken out. It was post marked Feb 3 and I thought everything has to be postmarked Jan 31. Anyways....how do I report this extra income to the IRS?
Other - Taxes - 4 Answers
Random Answers, Critics, Comments, Opinions :
1 :
You will need to report the income by filing an amended return or 1040X, but you need to wait for the IRS to process your return, so wait until it's posted (check the IRS website). I recommend that you file the amended return and pay the tax you'll owe no later than April 15th, otherwise you will pay more in interest/penalties. There's really no recourse against the employer for post marking on the 4th.
2 :
The deadline this year to send out these forms was Feb. 2. Don't hang the company for one day. It really is your responsibility to report this income whether you get a form or not. Always keep a photocopy of checks like this before you cash them. After you get your refund (assuming you have one), file a 1040X and mail it in along with your check for the balance due. File this no later than April 15 to avoid penalties but don't file it until you have your refund or it will delay that.
3 :
My understanding Form 1099 can be issued as late as Feb 15 Once you receive your 2008 tax refund if you are due one after receiving the refund then file Form 1040X, and you must mail the F1040X to appropriate address. It take up to 12 weeks sometimes 16 weeks to process F1040X, and if you are due a refund it will be mailed to you. But wait until you receive the refund from the original F1040 you filed, if not it will delay your refund.
4 :
The postmark date on a 1099 is irrelevant. The law requires you to keep accurate business records and use them to prepare your tax return. You must now file an amended return on Form 1040-X. Attach Schedule C or C-EZ t report the income and business expenses. If the net profit is $400 or more, attach Schedule SE to calculate the self-employment tax. Enclose your check for the balance due and make SURE that it is postmarked by April 15th. I'd suggest that you mail it Certified Mail, Return Receipt Requested to ensure that you have proof of mailing and delivery. (And FYI, there is no requirement that 1099s and W-2s be postmarked by any particular date. The law requires them to be IN THE MAIL by Feb 2nd this year because Jan 31st was on a Saturday, but there is NOTHING in the law about postmark dates



 Read more discussions :
Posted by Freelance Job at 2:55 PM
Subscribe to: Posts (Atom)