Fiery Posted January 22, 2015 Share Posted January 22, 2015 I was just curious, if one opened a business in SL and earned enough to pay for their RL upkeep, bills etc like any other job, could they register as self-employed? I don't plan on doing this but i've always wondered about the big designers and such on SL, they must earn plenty enough as a rl job to be able to class it as earnings! Not necessarily just the big designers, pretty much anyone that earns enough to cover the cost of their RL depending on what circumstance they are in. Or would it not class as self-employed? Link to comment Share on other sites More sharing options...
Freya Mokusei Posted January 22, 2015 Share Posted January 22, 2015 ...Yes? You don't have to be profitable to be self-employed. Tax laws vary by country but typically you should declare all income in the first instance. Link to comment Share on other sites More sharing options...
Syo Emerald Posted January 22, 2015 Share Posted January 22, 2015 Read up on the specific laws in your country. Its often up to you if you want to register as self-employed (of course, you need to have no other job for that). But even if you don't do it, if you earn enough you will have to pay taxes on it. Link to comment Share on other sites More sharing options...
Perrie Juran Posted January 22, 2015 Share Posted January 22, 2015 Fiery wrote: I was just curious, if one opened a business inSL and earned enough to pay for theirRL upkeep, bills etc like any other job, could they register as self-employed? I don't plan on doing this but i've always wondered about the big designers and such onSL, they must earn plenty enough as arl job to be able to class it as earnings! Not necessarily just the big designers, pretty much anyone that earns enough to cover the cost of theirRL depending on what circumstance they are in. Or would it not class as self-employed? Register with whom? Because laws vary so much by country you'd really need to ask a tax professional where you live. I can tell you this from having been self employed in the U.S. I never had to register with anyone. There were however special forms I needed to fill out when filing my taxes. LINK Disclaimer: IANAL Link to comment Share on other sites More sharing options...
Phil Deakins Posted January 24, 2015 Share Posted January 24, 2015 There's no such thing as registering as self-employed in the UK either. Link to comment Share on other sites More sharing options...
Kelli May Posted January 24, 2015 Share Posted January 24, 2015 "If you start working for yourself, you’re classed as a sole trader - even if you’ve not yet told HM Revenue and Customs. You must register and follow rules for self-employed tax and National Insurance." Source: https://www.gov.uk/working-for-yourself/overview HMRC seems to disagree with you on that one. Link to comment Share on other sites More sharing options...
Phil Deakins Posted January 24, 2015 Share Posted January 24, 2015 hmm. I've been self-empoyed most of my working life, and I've never had to register with any department. The time the departments found out was when my tax returns went in. Perhaps it's changed. Even so, they won't bat an eyelid as long as you do your taxes as a self-empoyed person. They won't mind if you pay the full employed person's NI contribution, because it's more than the self-employed contribution Link to comment Share on other sites More sharing options...
Kelli May Posted January 24, 2015 Share Posted January 24, 2015 Phil Deakins wrote: hmm. I've been self-empoyed most of my working life, and I've never had to register with any department. The time the departments found out was when my tax returns went in. Perhaps it's changed. Even so, they won't bat an eyelid as long as you do your taxes as a self-empoyed person. I suspect that "doing your taxes as a self-employed person" is functionally the same as registering. Link to comment Share on other sites More sharing options...
Phil Deakins Posted January 24, 2015 Share Posted January 24, 2015 Yep. It looks like the registering is just to give you information about taxes and NI contribution. Link to comment Share on other sites More sharing options...
LlazarusLlong Posted January 28, 2015 Share Posted January 28, 2015 The UK tax authorities are interested in the source of income, and in associating the relevant expenses with those different sources. In this context, income from self-employment is just one of the categories that has to be reported, and can exist concurrently with income from employment as well as income from a range of other sources; for example, in my case I have considerable income from several trust funds, tax on which is paid (at a minimal rate) in the Seychelles, so I - well, my accountants - simply have to report the essential figures to HMRC who presumably fume at their prospective pensions not being subsidised by any contributions from me. I will admit that it's a bit of a nuisance having to visit the Seychelles several times a year to satisfy some regulation or other, but it's something I have come to terms with over the years, and it keeps my golfer's sun-tan topped up. Despite the seemingly threatening wording of the HMRC, there is actually no compulsion to pre-register as self-employed, but you may find yourself penalised if you do not pay the appropriate National Insurance Contributions in a timely fashion - and once again you are wrong, Phil, because paying a higher level of the wrong type of Contribution is no barrier to HMRC action. Link to comment Share on other sites More sharing options...
Phil Deakins Posted January 28, 2015 Share Posted January 28, 2015 LlazarusLlong wrote: The UK tax authorities are interested in the source of income, and in associating the relevant expenses with those different sources. In this context, income from self-employment is just one of the categories that has to be reported, and can exist concurrently with income from employment as well as income from a range of other sources; for example, in my case I have considerable income from several trust funds, tax on which is paid (at a minimal rate) in the Seychelles, so I - well, my accountants - simply have to report the essential figures to HMRC who presumably fume at their prospective pensions not being subsidised by any contributions from me. I will admit that it's a bit of a nuisance having to visit the Seychelles several times a year to satisfy some regulation or other, but it's something I have come to terms with over the years, and it keeps my golfer's sun-tan topped up. Despite the seemingly threatening wording of the HMRC, there is actually no compulsion to pre-register as self-employed, but you may find yourself penalised if you do not pay the appropriate National Insurance Contributions in a timely fashion - and once again you are wrong, Phil, because paying a higher level of the wrong type of Contribution is no barrier to HMRC action. I don't mind if I'm wrong about that because it was just a best guess on my part. Not "again", of course. It's the first time Nevertheless, if a person pays the full employed person's NI contribution, including the employer's part, of course, which was obviously what was meant, then I really don't think they would get their knickers in a twist about it, because the person would have paid significantly more than was actually due. Link to comment Share on other sites More sharing options...
LlazarusLlong Posted February 1, 2015 Share Posted February 1, 2015 Phil Deakins wrote: ...I really don't think ... Well, you got something right for once. Link to comment Share on other sites More sharing options...
Phil Deakins Posted February 2, 2015 Share Posted February 2, 2015 LlazarusLlong wrote: Phil Deakins wrote: ...I really don't think ... Well, you got something right for once. Please take this as being a reply to the rest of your current crop of troll posts to me, as well as a reply to this one. You're funny. Stupid, but funny with it Link to comment Share on other sites More sharing options...
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