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£425 from FreebieJeebies

This is a discussion on £425 from FreebieJeebies within the I Got My Free Item! forums, part of the Freebie Chat category; Originally Posted by iPhone4Matt Well done! To be honest I hadn't thought about that, If we get gifts each time, ...

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Old 23-01-11, 09:25 PM   #21
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Originally Posted by iPhone4Matt View Post
Well done!

To be honest I hadn't thought about that, If we get gifts each time, im guessing were ok. As soon as we start getting bank transfers is when we should declare it? but only if were earning over a certain bracket?
Nope you need to declare gifts too
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Old 23-01-11, 09:27 PM   #22
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Well DONE!
 
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Old 23-01-11, 09:27 PM   #23
is meant to be revising
 
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Originally Posted by iPhone4Matt View Post
Well done!

To be honest I hadn't thought about that, If we get gifts each time, im guessing were ok. As soon as we start getting bank transfers is when we should declare it? but only if were earning over a certain bracket?
If you're over the personal allowance in gifts and have no job then you should be declaring it, if you have a job then you should be declaring everything you receive, it's unearned income and therefore taxable.

It's all well and good till mr revenue requests FreebieJeebies Ltd's records and comes after you!
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Old 23-01-11, 09:34 PM   #24
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yea i thought it was non taxable too, but unearned income can include rent which they check on also.

well done, hope i could get to that point in the future.
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Old 23-01-11, 10:06 PM   #25
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It's unearned income and therefore taxable
Unearned income tends to relate to things like dividends, interest or rental income. What you are talking about here is income from self-employment and technically brings with it NIC issues as well.

Either way, you are right, it's taxable.

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It's all well and good till mr revenue requests FreebieJeebies Ltd's records and comes after you!
The majority of tax enquiries start with a tip-off. HRMC would have a field day with FJ's records and the IGMFI section!
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Old 24-01-11, 06:35 AM   #26
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Gulp! Lol best declaring it then.
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