From: Peter Saxton 
Newsgroups: uk.finance
Subject: Re: "Income"
Date: Tue, 17 Aug 2004 00:25:31 +0100

On Mon, 16 Aug 2004 20:56:26 +0100, "Si." 
wrote:

>I fixed a colleagues computer - they offered me money for doing it, but I 
>declined - but they gave me £5 "for a drink". These favours are starting to 
>become a little more regular as word gets round work.
>
>At what stage does income become taxable? If I had accepted money as payment 
>for fixing the PC - I guess I would have to declare it to the Inland Revenue 
>and pay tax on it, however a £5 gift - I guess that does not have to be 
>declared.
>
Anything more than 99p.

You guess wrong.

>I am PAYE at work and I don't currently receive a self assessment form.
>
>Am I right? Is there a limit on how much I can earn before I have to declare 
>it?
>
No. No.


-- 
Peter Saxton from London
peter@petersaxton.co.uk