Hope you can help,
i'am employed however i'm soon to take part in a medical trial in which i will be paid £770 gross. I do not know how to account for the tax/NIC which will be due on this payment.
Hope you can help.
Cheers
James
Additional Income
2 posts • Page 1 of 1
by deanshepherd on Mon Jan 02, 2006 10:17 am
Hi James
Are you sure you are receiving this money gross?
Most medical trials are paid under an employee basis and £770 sounds like £1000 gross with basic rate tax deducted at source.
If you are not being taxed on this payment then you will need to declare it on your tax return.
Dean Shepherd
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk
Are you sure you are receiving this money gross?
Most medical trials are paid under an employee basis and £770 sounds like £1000 gross with basic rate tax deducted at source.
If you are not being taxed on this payment then you will need to declare it on your tax return.
Dean Shepherd
dean.shepherd@mmi-online.co.uk
MMI Accountancy
www.mmi-online.co.uk
- deanshepherd
- Posts: 1082
- Joined: Wed Aug 06, 2008 3:23 pm
2 posts • Page 1 of 1
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