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Quote request from an individual in London

Created on
Fri 14 June 2013 11:58am
Region
London
Type
Individual
I am changing jobs and will be working as a waiter. The way the company do tips is if the customer gives you a tip via card, they include them in your pay packet. They also highlight them as tips to HMRC so they are taxed differently from your normal hourly pay. Tips that customers give you as cash are my responsibility to declare. I have no problem doing this, I simply have no idea how to go about it. I find HMRC's website very difficult to navigate. I need a way of accounting for funds received as cash tips as and when I get them. Is there such a thing?

Also, I am setting up my own business as a letting agent. To start with this will be a side line, and I will eventually cut over to this being my sole source of income once things take off. I am aware I need to register as self employed, however I will not be taking any money for myself from the business for some time until it is ticking over. My understanding is that when I start paying myself from the business, I need to declare what I take for myself f

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