Using cashback sites

wackyjacobeany

UnmemorableUsername wrote: »

When we say that the money from cashback sites is "free" is this misleading?

It's looking to me a lot like what we earn from cashback sites is income of some sort (earned? unearned?) and therefore potentially liable for tax?

well you feel free to declare it if you feel the need:rotfl: :rotfl: :rotfl: :A

consumermonkey

UnmemorableUsername wrote: »

When we say that the money from cashback sites is "free" is this misleading?

While it's tempting to treat cashback as a discount on a product or service purchased, this logic wouldn't apply in those instances when the cashback exceeds any money paid (e.g. signing up for a bank account or when getting paid to click through to shopbot sites without necessarily making a purchase). In that case, maybe the "discount" reasoning isn't perfect for more straightforward offers (e.g. "8% off wines") either. It's looking to me a lot like what we earn from cashback sites is income of some sort (earned? unearned?) and therefore potentially liable for tax?

Having not thought of it like that before, yes, I suppose it COULD be treated as an income, but given the example you give of the cashback being more than you paid out.
Someone is clearly paying the money out for us to be getting it back and that is surely us anyway.
Also given that we are not talking huge sums of money (well not on my part anyway!) would the taxman really want to be bothered with such small sums?

bigred23

I’m also new to these cash back site and been trying to read up on them. I found out that I had a Mutual Points account already but everyone seems to use Quidco. I have bought and sold on Ebay quite a bit so which is best to use for ebay? If I use Quidco or Mutual Points does it automatically pick up my ebay account? How much will I have to spend or sell to get my £5 back from Quidco?