Swagbucking into 2015 (Newcomers, please read the first post)

Merlin139

DepositSaver wrote: »

Hi all
I hope this is the right place to post this, if not please move it.

I have just signed up for swagbucks and while doing to research on how to earn points, I came across various mentions that any income is taxable and that I should register with HMRC as self employed and complete a tax return. I am employed full time and taxed via PAYE so have never completed a tax return, and on looking at one it seems a rather long form, where I have to include all my income - from my employment and from savings accounts etc - as well as from swagbucks.

I am now wondering whether earning from swagbucks is worth it if I have to go to the trouble of completing a tax return? If I was going to make thousands then I would be more than happy to complete one, but for a small amount I'm not sure the earnings are worth the potential hassle of completing a return? Perhaps I am just assuming it's a hassle due to what I have heard from people who complete a self assessment? Is it actually quite straightforward? What are people's thoughts?
Thank you

http://www.moneysavingexpert.com/family/make-money-surveys

This is the link to the part of MSE that covers surveys and it includes:

Don't forget Tax.

Before you start counting the dosh, don't forget some of it belongs to the taxman. For most people it'll be around a third. Survey earnings are unlikely to push non-taxpayers over the threshold, however.

As any sources of extra income need to be declared so it's worth getting in touch with HM Revenue and Customs. It's a tricky one as survey earnings are technically self-employed income, but declaring your status might depend on how much you're taking home each year.

If it's loads, you might need to register with HMRC as newly self-employed, but if you're just doing a few for fun, you might not. It's worth giving them a ring on 0300 200 3504 to check if you're not sure. You need to register, so make sure you do so by the end of the third calendar month after you've started – or you could face an automatic £100 penalty.

At the end of the day in my opinion its upto everyone to decide.

But look at it from this point of view:

1. Are you doing it for fun?
2. If lucky you might earn £1 an hour!

kippygolf

Merlin139 wrote: »

http://www.moneysavingexpert.com/family/make-money-surveys

This is the link to the part of MSE that covers surveys and it includes:

Don't forget Tax.

Before you start counting the dosh, don't forget some of it belongs to the taxman. For most people it'll be around a third. Survey earnings are unlikely to push non-taxpayers over the threshold, however.

As any sources of extra income need to be declared so it's worth getting in touch with HM Revenue and Customs. It's a tricky one as survey earnings are technically self-employed income, but declaring your status might depend on how much you're taking home each year.

If it's loads, you might need to register with HMRC as newly self-employed, but if you're just doing a few for fun, you might not. It's worth giving them a ring on 0300 200 3504 to check if you're not sure. You need to register, so make sure you do so by the end of the third calendar month after you've started – or you could face an automatic £100 penalty.

At the end of the day in my opinion its upto everyone to decide.

But look at it from this point of view:

1. Are you doing it for fun?
2. If lucky you might earn £1 an hour!

If you feel you should register as self employed, you WERE (I've not checked lately) permitted to deduct a fixed £2 per week for use of your home (to cover a portion of gas, elec, rates, pc, etc). So, if it is still the case, and you don't expect to make £104 a year, there will be no extra tax to pay.

Lost2

21sb search Hobnail

DepositSaver

Raimonds wrote: »

I'm not sure, if anyone on here would be able to answer Your question and concern thoroughly in 100% compliance with the laws on taxable income. They are indeed very complex to grasp. As far as I understand, that Swagbucks is not necessarily a selection of self employable tasks offered directly and paid directly by Swagbucks. All payments in Gift Cards have a non-monetary value. What left me a bit puzzled, is a payout through PayPal or to bank account (not in Swagbucks case). However, all incentives collected here via ad clicking, signing up for online or offline services seem to me as only a cashback. Cashback is usually classified as loyalty points, which is not a taxable income. Where it comes to directly signing up to survey companies, the great debate in tax man's favor may begin.

I hope, someone else might come up with other plausible explanations to this kind of earning (more like, collecting cashback to me).

To stay on a safe side, I'd personally stick to Gift Card payouts and avoid signing up directly to a survey company, without first finding out about tax returns.

Thank you for this, the tax laws do all seem rather complex. I will stick to gift cards (probably amazon - I buy most Christmas and b'day presents from there, so it's a good as cash). Would the surveys in the Answer or Discover section count as signing up directly with a survey company? From what I can tell they don't seem to require signing up to be contacted by email for example.

Littleoldme

Ahoy, it's talk like a pirate day!
Get that Swag doubloons and enter SwagMeTimbers in the Swag Code box until 8pm BST to earn 2 SB

Lost2

Your Swag Up #SwagRacer50SBRebate is now active through 10/14/2015. You'll earn a 50 SB rebate when you redeem for any gift card in the Swagbucks Rewards Store


50sb credited to my SB account

Wizzbang

I think I'm turning Japanese
for 21 singles!

Lost2

6sb search Old man river

Sugarplum634

Has the amazon £1 card been withdrawn? I can't see it

Wizzbang

I'm not aware that SB ever did a £1 for Amazon- £3 was fairly recently introduced to encourage newbies. Are you sure you're not thinking of InstaGC?