question about additional income

[dknzone]

Hi,

I am in tier 2 general visa and working on full-time job. 2 years ago i have published a book. at that time i wasn't aware that i have to pay tax for all additional income. so for last 2 years i was getting loyalty payments. I am more than happy to correct the mistake i have done and pay what ever i own but my questions are,

1) can i do self-assessment and pay tax for last 2 years ? since it is commission based, it is not fall under self-employment ?
2) does late tax payment have impact on ILR ?

looking forward for your valuable response.

[Frontier Mole]

You can make a tax declaration at any time. Royalty payments are sometimes paid net of basic rate tax, all depends on your contract with the publisher. You are self employed as a writer so you are equally entitled to recover legitimate costs in writing the book.

It could potentially have an impact on your ILR but as you are going to declare the income it will / should not be a problem. You are acting in good faith in bringing the income to account.

My advice is to go to tax advisor firm. There are a few to choose from on the high street rather than an accountant. They can resolve the issues cheaply and easily and given your circumstances it should be a fairly uncomplicated.

Well done in getting your book published and even better getting royalties

[dknzone]

Thank you very much for your advise Frontier Mole,Appreciated.