Self Employed (2015)

Many people who retire and work will do so only occasionally, either as a consultant for a fee or informally for cash. All this income is potentially taxable and should be declared to the Inland Revenue.

Companies have to inform the Inland Revenue of the fees they pay and the people to whom they pay them. (http://www.simplybusiness.co.uk/knowledge/articles/2011/08/2011-08-11-pension-options-for-the-self-employed/)

If you intend to do such work regularly, it is well worth becoming self employed.

You will then be able to offset many expenses against the income and, depending on when you choose the date of your financial year, you can pay your tax up to two years in arrears.

If you want to work but do not know quite what to do, you should ask yourself what you want to get out of work.

If it is principally company, a sense of usefulness, or to combat a fear of stagnating at home rather than the financial reward, you could consider voluntary work. However, be aware that voluntary work often means more than not being paid.

You may find that you are not only working for nothing, but also paying for petrol, stationery and mobile calls. Voluntary work of that sort is more like a hobby than a cost free, way of contributing to society.


More on topic - Help And Advice Is At Your Finger Tips

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Help And Advice Is At Your Finger Tips

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