Stoozing, some tax reclaimable?

Richard019

Something that came up when discussing ebay and the ins and outs of selling on it has got me thinking.

If you sell your possessions on ebay you don't need to declare the income for tax purposes. If however you specifically buy something to sell on ebay then you need to declare your profit.

Now when it comes to stoozing I think most people are paying tax on all of the interest they earn, which in the case of slow stoozing is correct as there's no cost involved in getting the interest that wouldn't be there if you just paid cash.

If however you're fast stoozing you're specifically taking the money to make a profit, with the BT fee a necessary expense in order to make your money. Couldn't it therefore be offset against your earnt interest before tax is taken?

I realise it's not worth much, but likewise if you're someone who already has to complete a self assessment it's not going to be much extra work to include it. I also realise that with the current lot in charge if too many people start doing it they might try to find someway to tax the mortgage offsetters for their theoretical profits.

YorkshireBoy

I know of one stoozer who says he offsets his BT fees. However, he's stoozing to finance a (considerable) property portfolio...not with a savings account.

realaledrinker

Maybe you could claim for the cost of your computer, ISP fees, electricity, printer paper, ink, etc? :rolleyes:

johnllew

No deductions are available against bank interest assessable under Chapter 2 of the Income Tax (Trading and Other Income) Act 2005:

S370 - Income charged

(1) Tax is charged under this Chapter on the full amount of the interest arising in the tax year.

There may be a case for traders who finance their business using money borrowed on credit cards to claim balance transfer fees as incidental costs of finance (as referred to by Yorkshire Boy).

Richard019

realaledrinker wrote: »

Maybe you could claim for the cost of your computer, ISP fees, electricity, printer paper, ink, etc? :rolleyes:

Coincidentally I am claiming for a laptop, printer paper, and ink this year. I would be eligible to claim for ISP and electricity costs as well but it's not worth my time to work out what proportion of my bill has been incurred in a tax deductable way.

Specifically to this forum I couldn't though, none of those are essential for stoozing. The transfer fees however are essential for fast stoozing, which when done specifically for a profit is a essentially a business operation. Hence the question and the serious answers from others.;)