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i just turned 16...wanting to know if i get a job from somewhere i applied, every pay check do they take money out for taxes for teenagers in missouri?
Additional Details
but how much ... |
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stone_angel11 | My beautiful little girl has been accepted into a modelling agency. does she have to pay tax on the earnings? |
will the inland revenue need to know about these earnings? i just want to make sure i do all the legal stuff right. she is 17 months old and has been accepted into an agency,with definate bookings not auditions. we are so proud and want to put all her money into her bank account for her future. has anybody got any advise with the legal side please. genuine firendly help please.
Additional Details
"I loathe YH answers" think you need to grow up hunny. |
 |
 
suerye
|
You would be best to hold the money in a bank account in trust for your daughter. Put it in an account which does not deduct tax such as NSB. She is allowed to earn £5225 this year before she becomes liable to tax. If it looks as if her income might reach this level, then register with HMRC as self employed ...it would be Mr and Mrs A Smith as trustees for Katie Smith or whatever. The form is on the HMRC website. You would make a self assessment return at the end of each year and pay the tax in 2 installments in Jan and July following the tax year. Your local tax office will help you and answer further questions as this is a big subject.
Anyone who says this is not taxable income should be ashamed |
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icequeen55uk
 |
The best thing to do is to ask the IR, you could ring, but I would do it in writing, so that they respond in writing. That way you have proof of what you've been told. Good Luck to you and your daughter. |
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johndoe
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i no in ameria if u make less than 5k a year you dont have to pay 5k or better you start paying just a little 100k or more its like half |
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Davy B
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Thank goodness for "Fengirl" to make sense of it.
Do not be tempted not to declare it and
good luck to her; may she make a fortune. |
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aslan
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1, Yes, 2,put her earnings in a bank account.Contact the inland Revenue as soon as possible they will ,help you, with the best advice you need . Remember it's better to ask them now than later |
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Tax Chap
 |
Let's get this straight, no earnings are tax free. All earned income is taxable.
However, each person has an annual Personal Allowance, which for 2007/08 tax year is £5,225. That means that one may earn up to that level without attracting any tax charge.
If she earns more than that, the next £2,230 will be taxed @ 10%; the next £32,370 @ 22% and anything in excess of £34,600 will be taxed @ 40%.
You say that you want to put her money into a bank account. Interest rates are pretty crummy so hunt around for the best one. You might want to consider long-term bonds as she will not be wanting to touch the money for some years to come.
You may even want to consider putting the funds into a pension scheme but these are ideas you need to put to an Independent Financial Adviser (IFA) as I am not registered under the Financial Services Act to give advice.
If you do go down the bank account route, make sure that you obtain and complete form R85 http://www.hmrc.gov.uk/forms/r85.pdf which allows your daughter to receive interest without tax being taken off. |
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Puma Academy™©®
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I don't have a clue, I am not so hot with IR lol, but o-la-la for your daughter and good luck! |
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David T
 |
As per usual Fengirl's advice is spot on.
Just to add to Fengirls answer there is a helpline you can ring on 0845 900 0444 and they are open 8.00 am to 8.00 pm seven days a week.
Good luck with the modelling. |
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I loathe YH answers
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I'm willing to look after the proceeds for you.....................
Good luck. |
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hunneybunney
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No - children have tax free earnings. Go to the inland revenue website for more info. |
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angie
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its tax free earnings and she will have a tax free bank account |
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LADY__LUCK
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You dont have to pay tax and national insurance until you are 16 and 18 respectively |
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Maxi-O
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As a little baby as she is, the mere fact that she started making money so early in life does not change her being a baby.No tax, no deductions,nontheless try inquiring with the taxman because you can never tell since when counting machines became more reliable than humans.As for the bank account something should be paid for the safe custody of her money.Goodluck to you an your dauther. |
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