- April 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Income from Small Companies
I am currently earning small amounts from companies like Shepper and Roamler, with my income usually totaling less than £1000 per year. However, I am unsure about how HMRC determines that my earnings will be under £1000.
## Reporting Earnings to HMRC
I am curious to know if each company is required to send all the minute details of my earnings to HMRC, and if HMRC will then tally up all the amounts each year to ensure that I fall under the £1000 threshold. Additionally, would each company only report my earnings if I have earned over £1000 from them individually? And ultimately, would it be my responsibility to prove that my total income remains under £1000?
## Exceeding the £1000 Threshold
Furthermore, if I happen to exceed the £1000 threshold in a year due to earning small amounts from multiple companies, such as £100 from 11 companies, I am unsure if each company will report the £100 to HMRC even if I have not earned £1000 from each of them. If this is the case, how will HMRC accurately track and verify that I have indeed surpassed the £1000 limit when my income is spread across different companies?
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If you earn over the 1k trading allowance, you need to do a self assessment
The individual companies should report all income, regardless of how small.
HMRC can then add this up and see that it crosses the threshold and issue you with a nice fine for not completing Self Assessment.
It is your responsibility to make sure your tax is correct