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Reducing debt via Quidco, YouGov etc - tax position?
pounds_and_pensive
Posts: 342 Forumite
I was just wondering if payments from QuidCo, YouGov and all the rest are classed as taxable income. I'd say 'Yes, of course', but my tiny collection of financially-orientated brain cells has a habit of misleading me, so I thought I'd be better off asking you lot than them 
Eek! Someone's stolen my signature! :eek:
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I think there was a discussion about this on the quidco thread a while back...
....can't seem to find it no matter what I search for though :rolleyes:
Anyway... I seem to remember someone saying that no, cashback is not taxable. Perhaps because it is an incentive, effectively a promotion by a company rather than a form of income. Also, if there was tax to pay then those using quidco would in effect be self-employed... working from home... and could offset the cost of broadband connection/proportion of utility bills etc etc just as with any home business. I think the final conclusion was that it wouldn't be worth their while (the taxman that is)!!!
YouGov and other survey things could be different but, again, the amounts are so small I wouldn't worry if I were you!!Don't stress, relax, let life roll off your backs. Except for death and paying taxes, everything in life is only for now... Avenue QOfficial DFW Nerd Club - Member no. 003
Proud to have become debt free... and striving to keep it that way
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Yes, I think it's classed as 'cash back' on your purchase and therefore not taxable.Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
Debt free 21st Oct 2011.
All thanks to :money:0 -
It may be untaxable at the moment, but they'll find a way around it! There is no incentive any more in being enterprising! I was inspected, many years ago, by a very pleasant woman from the Tax office, who told me that they were not interested in anything 'under £1' but I should declare any earnings in excess of £1, unless, of course, they were specifically 'tax-free' such as, sic, Lottery Wins!!!!!!
It must cost them considerably more than the tax generated on £1.00, just to process it.I am NOT, nor do I profess to be, a Qualified Debt Adviser. I have made MANY mistakes and have OFTEN been the unwitting victim of the the shamefull tactics of the Financial Industry.
If any of my experiences, or the knowledge that I have gained from those experiences, can help anyone who finds themselves in similar circumstances, then my experiences have not been in vain.
HMRC Bankruptcy Statistic - 26th October 2006 - 23rd April 2007 BCSC Member No. 7
DFW Nerd # 166 PROUD TO BE DEALING WITH MY DEBTS0 -
iirc you have to earn over a certain amount in the year for it to be taxable. vaguely recall being told when i was thinking of setting up a wee business that if i didnt make more than 7.5k i wouldnt have to declare it
but like you i've often been given misleading information 0
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