You can probably get away with the tax at the moment. Unless you're really honest.
My first contract Page 3
Quote: Griff @ April 25 2008, 2:43 PM BSTOne question well worth clarifying is whether that 10 seconds can be rounded up to a minute, so you can charge for three minutes. (BBC do this.) That's £116 quid you could be losing out on!
(Of course you run the risk that by asking the question, someone tells you to round it down.)
It gets rounded up to a half minute it seems - though my contract says 'pro rata' so surely it SHOULD be a minute?!
Quote: Winterlight @ April 25 2008, 2:51 PM BSTYou can probably get away with the tax at the moment. Unless you're really honest.
Not too clever though - the TV people are going to stick his invoice on file so an audit trail that stevie wonder could follow will exist. This isnt cash in hand, they will offset their taxes against his payment so there every possibility that HMRC will check tax is being the other side.
Considering how simple it would be to declare the additional income it seems daft to start your writing career by pissing of the revenue.
and pro rata is "proportional" - so if you do half a days work on a job paying £100 a day you get £50, representing the proportion of the day you worked.
Quote: Griff @ April 25 2008, 2:53 PM BSTI think pro rata usually means "work it out to the exact fraction and pay that" ? So rounding up to the half minute isn't too bad a result.
It doesn't really say. It just says pro-rated where used for fractions of a minute.
Surely they'd have done it a quarter of a minute - so 2mins10 would be 2 and a quarter minutes?
Quote: M Lewis @ April 25 2008, 2:55 PM BSTNot too clever though - the TV people are going to stick his invoice on file so an audit trail that stevie wonder could follow will exist. This isnt cash in hand, they will offset their taxes against his payment so there every possibility that HMRC will check tax is being the other side.
Considering how simple it would be to declare the additional income it seems daft to start your writing career by pissing of the revenue.
Can you explain (if possible) how the taxing works re: this fee.
Do I have to register as self-employed eventually?
Will I have to fill in one of those big forms that Hector The Tax Inspector goes on about next April?
As it's a second income doesn't the taxing % go up to 25% or something silly?
Quote: Seefacts @ April 25 2008, 2:48 PM BSTMs Word?! Are you INSANE. I don't allow that name to be spoken near my PC, let alone have the software.
What do you use if not Word? You're not a Pages man are you? Dear God tell me it isn't so.
Quote: Griff @ April 25 2008, 2:59 PM BSTAny word on if/when it's being broadcast yet ? (You might have posted this already somewhere and I missed it.)
I heard June. But the Comedy Lab stuff hasn't been announced yet, so I don't know. I also don't know how many sketches I've got going out. The fee would suggest all 3. About 45 seconds each.
I'd hope so - it's a runner anyway, so they come as a set.
Quote: M Lewis @ April 25 2008, 2:55 PM BSTNot too clever though - the TV people are going to stick his invoice on file so an audit trail that stevie wonder could follow will exist. This isnt cash in hand, they will offset their taxes against his payment so there every possibility that HMRC will check tax is being the other side.
That's a good point. I've learnt something today. At last.
Quote: Seefacts @ April 25 2008, 2:57 PM BSTIt doesn't really say. It just says pro-rated where used for fractions of a minute.
Surely they'd have done it a quarter of a minute - so 2mins10 would be 2 and a quarter minutes?
Can you explain (if possible) how the taxing works re: this fee.
Do I have to register as self-employed eventually?
Will I have to fill in one of those big forms that Hector The Tax Inspector goes on about next April?
As it's a second income doesn't the taxing % go up to 25% or something silly?
all very simple, the rate of tax you pay will depend on your other earnings - assuming you earn enough already to pay basic rate tax (you have a pc so i expect you do!) then you carry on paying that (20%) until you get to higher rate tax, then you pay 40% like the rest of us 
Also - pro rata for fractions of a min sounds to me like this - £60 a min say...you have 1 min and 10 secs so get £60 for the min and £10 for the 10 secs. (although i have no clients that get paid by the second so i'm no expert 
)
Quote: David Bussell @ April 25 2008, 3:00 PM BSTWhat do you use if not Word? You're not a Pages man are you? Dear God tell me it isn't so.
Pages?
No I use Lotus Word Pro for word processing. Not that I do much.
Quote: M Lewis @ April 25 2008, 3:01 PM BSTall very simple, the rate of tax you pay will depend on your other earnings - assuming you earn enough already to pay basic rate tax (you have a pc so i expect you do!) then you carry on paying that (20%) until you get to higher rate tax, then you pay 40% like the rest of us
So how do I got about paying the tax? Do I have to wait until next April to fill in a self-assessment thingy, or can I do it earlier?
Either way - f**k, that's a pain.
Self assesment is easy - 5 mins online each year....then they send you a bill. Just put 20% of what they give you away in a savings account. (or do like i did the first year i ran my own comp and spend it all then get a bill 12 months later and cry for 2 years solid )
Should add - if the tax you owe is small (under 2K) they will probably just adjust your code for the next year so you pay a bit extra on your 9-5 job to make it up.
Quote: M Lewis @ April 25 2008, 3:05 PM BSTSelf assesment is easy - 5 mins online each year....then they send you a bill. Just put 20% of what they give you away in a savings account. (or do like i did the first year i ran my own comp and spend it all then get a bill 12 months later and cry for 2 years solid
70 quid is 20% of 350.
Arse, f**k you Gordon Brown.
Quote: Seefacts @ April 25 2008, 2:29 PM BSTAnyone here ever written a writing-based invoice?
Perry?
I am all finance in life... what do you need doing exactly?
Best thing to do for taxes is to set up a 'sole trader' company with 'companies house'
Create invoive with the company number and they will post bankers draft to that company name.
then set up a LTD company account with a bank (best natwest) and the rest is history.
You'll end up saving 10-15% tax a year doing it this way
Quote: Seefacts @ April 25 2008, 3:08 PM BST70 quid is 20% of 350.
Arse, f**k you Gordon Brown.
Wait till you get NBC pick you up and realise £400k is 40% of that million
Quote: Oliver @ April 25 2008, 3:08 PM BSTI am all finance in life... what do you need doing exactly?
Best thing to do for taxes is to set up a 'sole trader' company with 'companies house'
Create invoive with the company number and they will post bankers draft to that company name.
then set up a LTD company account with a bank (best natwest) and the rest is history.
You'll end up saving 10-15% tax a year doing it this way
Blimey, Mr. Finance.
I think when I am doing writing full time I need to look into the financial side.
Quote: M Lewis @ April 25 2008, 3:09 PM BSTWait till you get NBC pick you up and realise £400k is 40% of that million
Don't depress me . . .
LTD comp is a fair bit of hassle to dodge NI on a few hundread quid - i'd wait and see if more comes of it first.