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Fundraising and tax
laurel7172
Posts: 2,071 Forumite
in Cutting tax
Well, it's finally happened.
The Big School Exchange Trip.
My question is, if, say, DS were to raise money for it by say...selling plants at a car boot, or crafts on ebay (realistically, these would be gifted to him by me), would I be liable to tax on the money raised?
Presumably there's no tax due on money the kids raise themselves by bag-packing and whatever else it is the school is going to organise. Or if he did a sponsored walk or silence (would make about 2p on that one!)
So is any money we raise ourselves different?
The Big School Exchange Trip.
My question is, if, say, DS were to raise money for it by say...selling plants at a car boot, or crafts on ebay (realistically, these would be gifted to him by me), would I be liable to tax on the money raised?
Presumably there's no tax due on money the kids raise themselves by bag-packing and whatever else it is the school is going to organise. Or if he did a sponsored walk or silence (would make about 2p on that one!)
So is any money we raise ourselves different?
import this
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Comments
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Everyone has a tax free allowance of £6475, including children, so in the unlikely event that HMRC pick up on this and decide that s/he was trading, it would be covered by this allowance. Anything you sell which was originally your own is exempt anyway.£705,000 raised by client groups in the past 18 mths :beer:0
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