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Get your accountant to prepare docs for you mate. And your annaul tax declaration can also be used in making the application.bluebird4 wrote:Hello,
I'm planning to apply for TIER 1, and most of my earnings come from my self-employment, and almost all payments are made by customers (not companies) in cash. When customers pay, I give them a sheet from my receipt-book. A receipt-sheet in such receipt-books looks as follows: it has all the information about me printed in it (it is required by the local law - info like my tax number, address, etc), and when I recieve money from a client, I write the following information about him into the sheet (by hand): the name of the client, his address, the amount of payment made, what services she/he paid for, the date, I put my signature on it and he signs it, too. That's all. Then I can deposit the money if I want to, but I don't have to do it by law. I also show the amount of income recieved in my annual tax declaration. I cannot send original receipts to HO because I may need them for tax inspection procedures and must keep them for a few years.
So the question is, what documents should I present to the HO to confirm my earnings in cash?
Thank you very much in advance.
bluebird4 wrote:Thanks a lot for your reply.
I have read all other posts touching the same topic, and a new question has arisen: as two documents must be submitted to confirm each source of earnings, can it be in my case the annual declaration (or a letter from my tax inspection based upon my declaration) and a letter from my accountant, or are these things too "weak"? Should I try and send copies of receipts from individual clients (as I must keep the originals for the tax inspection)? And what about bank account - I haven't banked all the money I earned and when I did, I deposited it unsystematically, I mean, not immideately after getting it from my clients and not in the same amount.
Tax payment is decided byHMRC AND NOT BY ubluebird4 wrote:Thanks a lot!
Addresses and names of the students should not be a problem, as they are written on the receipts. And I don't pay VAT as I use a patent-based simplified system of taxation, so I don't have to pay this tax.
Need a suggestion from you Sushil.Sushil-ACCA wrote:Tax payment is decided byHMRC AND NOT BY ubluebird4 wrote:Thanks a lot!
Addresses and names of the students should not be a problem, as they are written on the receipts. And I don't pay VAT as I use a patent-based simplified system of taxation, so I don't have to pay this tax.
if this is tax free income than U will not get any points for this earning from HO
ANY WAY u have to pay tax on tuition income
dima wrote:Need a suggestion from you Sushil.Sushil-ACCA wrote:Tax payment is decided byHMRC AND NOT BY ubluebird4 wrote:Thanks a lot!
Addresses and names of the students should not be a problem, as they are written on the receipts. And I don't pay VAT as I use a patent-based simplified system of taxation, so I don't have to pay this tax.
if this is tax free income than U will not get any points for this earning from HO
ANY WAY u have to pay tax on tuition income
Iif one is self employed and comes under SEE( i.e the earnings per year is below GBP 5000, do not need to pay classNI2) does he/she needs to pay tax
or not? As you say if no tax paid , No points given by the HO.
Thats a noticeble info. Thanx.Sushil-ACCA wrote:dima wrote:Need a suggestion from you Sushil.Sushil-ACCA wrote:Tax payment is decided byHMRC AND NOT BY ubluebird4 wrote:Thanks a lot!
Addresses and names of the students should not be a problem, as they are written on the receipts. And I don't pay VAT as I use a patent-based simplified system of taxation, so I don't have to pay this tax.
if this is tax free income than U will not get any points for this earning from HO
ANY WAY u have to pay tax on tuition income
Iif one is self employed and comes under SEE( i.e the earnings per year is below GBP 5000, do not need to pay classNI2) does he/she needs to pay tax
or not? As you say if no tax paid , No points given by the HO.
NI and Tax are separate issue
U have to pay tax otherwise yr earnings will be ignored by HO
AS PER HMRC rules this income is taxable
bluebird4 wrote:Sushil-ACCA,
but what if I don't pay VAT because I can't do it by law? According to my system of taxation I only must pay income tax and two taxes to the federal pension fund as a self-employed person, that's all.
VAT is not required if the turnover is below the minmum threshold. So unless he is getting tutution fees of around £70K he does not require to include VAT or register for VAT. [/quote]HSK Accountancy Services wrote:[quote- The receipts should inculde VAT ...and VAT paid to govt. should tally
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Sushil-ACCA wrote:VAT is not required if the turnover is below the minmum threshold. So unless he is getting tutution fees of around £70K he does not require to include VAT or register for VAT.HSK Accountancy Services wrote:[quote- The receipts should inculde VAT ...and VAT paid to govt. should tally
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I know, I did not say anything about HO. I just corrected this wrong advice given by someone about the receiptsHSK Accountancy Services wrote:Sushil-ACCA wrote:VAT is not required if the turnover is below the minmum threshold. So unless he is getting tutution fees of around £70K he does not require to include VAT or register for VAT.HSK Accountancy Services wrote:[quote- The receipts should inculde VAT ...and VAT paid to govt. should tally
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Vat is not concerned BY HO , accounts prepared as per accounting rules and taxable income r only concered by HO
THERE IS NO difference which part of world an applicant worksbluebird4 wrote:Even for those earning outside UK?