The step grandkid just did a TV ad. Bit of sitting in a car or summat I think. For which, at the age of 10, he gets £3k or so.
Presumably the dance teacher who booked him into it is going to try and take an agents’ fee.
But what’s the tax situation here? does he, at that age, have a tax free allowance?
Is he on his mothers’ (Dad’s out of the picture here)?
How does this work?
In terms of what to do with it, pay his dance lessons, put some aside for goodies or new dance shoes or whatever etc. And then whack some properly away. With this sort of sum, £1k or a bit above, probably premium bonds. Yes, there’s better investments but there will be all sorts of teenage fun when the occasional random check drops through the door.
Obviously, if he gets lots of work, then sorting investments out properly (no load Vanguard index funds sorta stuff, properly wrapped in an ISA and all that, it’s never too early to start a pension fund) but at this stage it’s just the tax thing we know absolutely nothing about.
So, who knows?