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redfang
Stranger
Joined: 17 Sep 2005
Posts: 1
Cash Points ££ 20.00
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 Posted: Sat Sep 17, 2005 11:50 am Post subject: kids making money |
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Hi everyone, i'm looking for some information regarding my daughter making money.
this is a fairly strange issue because she's only 12, but she has been playing an online game for about 5 months now and recently she found out she could make money with this game by selling the money she is making in the game, so at the thought of that she came to me and asked if she could start selling some of her hard work on the game (the money she's been making on it).
now i'm unsure wether to say yes or no, for two reasons
1 we live on benifits because we also have a disabled son of 6 who is a full time job in him self for 2 people
2 because the place she wants to sell this money is ebay.
so what i'm trying to find out is can a 12 year old make money? are they allowed? if they can is there a limit to what they can make? because i've looked at what she's wanting to sell and seen the prices on ebay and she's potentially able to make 6-700 pounds a week.
now i don't mind her making money at all and she's put all the hard work in so why shouldn't she be able to reap the benifits of her hard work, but i just don't know where it stands with everything.
would anyone be able to shed some light on this for me? then i can let her know if she can or can't go ahead with it.
thanks in advance |
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Guest
Cash Points ££ 15.00
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| Posted: Mon Sep 19, 2005 4:05 am Post subject: |
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Yeh she can make the money
everyone, including children have a tax free allowanc of about 4845 a year.
As for benefits ? Yes it will effect your benefits since she is living under your roof.
But since its a type of self employment - You don't have to worry about it until the end of the tax year when she has to declare her profits to the inland revenue, but again if its less than 4845 then there is no tax liable on it. |
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Wade
Saving Enthusiast
Joined: 17 Feb 2005
Posts: 185
Cash Points ££ 2569.94
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| Posted: Sat Feb 11, 2006 7:43 pm Post subject: |
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| I agree every person even children have an annual tax free allowance |
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