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"Anyone know much about tax?"

I have a job, and pay tax by the PAYE system.

That's all fine.

But what if I grew magic beans, and wantwed to profit from the sale of this magic beans, and I was earning quite a sum.

Would I have to pay tax on all extra income, or only after it gets past a certain amount?

Would I have to fill out a bunch of daft forms.

I tried to look on a government website, but it had been written my a retard, with a section for simpletons, which was too simple, and a more complex page, which I'm pretty sure was gay.

If you have a second income, you enter a different (ie higher) tax band. This doesn't mean you'll end up with less than before though, as many people so wrongly interpret.

See that rather ironic story on the news a bout 2 weeks ago?

Apparently the Inland Revenue have sold all of their buildings to an overseas company... so they don't have to pay tax! :-)

Ooops, missed the point of your topic, and got it on a re-read. Assuming that your job puts your annual earnings above the tax-free threshold (which I assume it would), you'd have to pay tax on all the extra income. The tax-free amount you can earn annually is per person, not per job.

As far as I know, the tax laws are exactly the same, whether you're PAYE or not. All PAYE means is Pay As You Earn, i.e. you're taxed on every penny you earn as you earn it. Without PAYE, you'd earn a hefty tax bill at the end of the year, which should add up to the same amount as you would have paid under the PAYE scheme.

If you're selling your 'magic beans', you would have to pay tax on your earnings to the same degree as you would under PAYE i.e. only on earnings above whatever the tax-free threshold is (somewhere around 4500 quid, I think?). However, the shady dealings come from the fact that any business expense is tax-deductable i.e. you don't need to pay tax on any of those earnings that are spent in the carrying out of your business. So, for Meka's Magic Beans Co, fertilizer, new trowels and wellies would be tax-deductable expenses. And you might even go so far as to claim entire sets of clothing as tax deductable, as you can't harvest in the nude....

I could be wrong on any of this, but I think I'm not. Probably.

I'm reporting you...

...unless you give me a slice of the proverbrial pie

Magic Mushrooms even

Damn my mind

:D

Marajuana?

You'd go to jail

cookie monster wrote:


> Magic beans? I hope thats an analogy.

Yep, cutting a long and dull story into something short. :)

Certainly you would need to (legally) declare that you had another income. Not sure how much tax you would pay on it though.

Magic beans? I hope thats an analogy.

I never want to pay tax