I was hoping someone here could answer a quick question I have. I run a studio full time, and I often help out local venues with DJ things, like equipment rental and the like. I'm going to be forming a partnership with them, and while running through finances I realised I wasn't paying tax on any of the money I get from them. I was wondering if I should be paying tax on this? I'm normally paid by bank transfer and will normally get around £600 a month from them. According to this salary tool I should be paying about £4000 in tax a year. I'm worried I'll end up with HMRC prodding my finances and realising I'm not paying tax on everything - how should I go about paying the tax on this?
I did not find the right solution from the internet.
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