03-27-2020, 01:38 PM
(03-27-2020, 01:03 PM)Baggybenny Wrote: The payments are going to be taxable. What a lot of extra admin this will create! Will they also want to dock off the nic ?
Presumably whatever payment you get will just be treated as part of your taxable income for however long it is paid for.
So it’ll just get added to any other taxable profit you make in the tax year and get reported on the tax return - with the corresponding tax and class 4 NIC calculated on that overall figure.
So shouldn’t create any particular problems when it comes to reporting it.
Getting your hands on the cash in the first place may be a different story !