If you look at your tax return you will see a box for declearing earnings "surplus" to main (PAYE) income.
If "tutoring" or other "Cash" jobs are the primary source of income you need IR3 and there is a whole heap of variables, a no doubt poor example is if teaching at home can mean returns on electricity, space for teaching room, stationary, strings, batteries, whatever. Their will be ACC levies to consider as well.
It is best to communicate with any self-employed person who "does their own books", tailor your business plan, then review your structure with an Accountant.
Really, the main consideration is what capacity or volume you think "Cash" jobs are likely to make up your $Vocation in the next 3-5 years. A good framework or foundation set now, even if work is minimal may hold you in good steed should things move quickly at a latter date.
cheers for that detailed info, i was just thinking of doing it as a little side thing 'cos i used to do some tutoring when i was about 15 but never paid any tax
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Well yes, JC. If you look at your ...
Well yes, JC.
If you look at your tax return you will see a box for declearing earnings "surplus" to main (PAYE) income.
If "tutoring" or other "Cash" jobs are the primary source of income you need IR3 and there is a whole heap of variables, a no doubt poor example is if teaching at home can mean returns on electricity, space for teaching room, stationary, strings, batteries, whatever. Their will be ACC levies to consider as well.
It is best to communicate with any self-employed person who "does their own books", tailor your business plan, then review your structure with an Accountant.
Really, the main consideration is what capacity or volume you think "Cash" jobs are likely to make up your $Vocation in the next 3-5 years. A good framework or foundation set now, even if work is minimal may hold you in good steed should things move quickly at a latter date.
Hopefully some of this is relevant.
cheers for that detailed info, i was ...
cheers for that detailed info, i was just thinking of doing it as a little side thing 'cos i used to do some tutoring when i was about 15 but never paid any tax