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    Toppoll
    Do we need to declare our extra earnings?
    • #1
    • 24th Jul 12, 6:46 PM
    Do we need to declare our extra earnings? 24th Jul 12 at 6:46 PM
    In order to make a bit of extra cash, my husband and I rent 3 vending machines out to two offices where we each work.

    We pay VAT on the rental fee to the guy who we loan the machines from, but choose not to charge any rent to the offices where the machines are located. We were under the impression that as we were personally 'absorbing' these fees ourselves there would be no need to declare this to HMRC.

    We pay for our own stock which we purchase from Bargain Stores and then recoup any income

    We did not think we would need to declare this as we receive no benefits and are both in work with an income of circa 45k to the household.

    In light of the recent news about the couple who sold at car boot sales being prosecuted, we would like some advice as to whether we need to declare this extra income anywhere?

    We pay 56 pounds pw rent on 3 machines and are recouping approx 130 pounds pw.

    Thanks
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