Bank Account Fees and the Taxman

agrinnall

polymaff wrote: »

No, as the cash returned is already nett of income tax.

Not according to the consensus in this thread.

https://forums.moneysavingexpert.com/discussion/4824597

colsten

polymaff wrote: »

Oh, quite. Very unprogressive and the Corbyns of this world would probably have me shot for even suggesting it.

On the other hand, you'd make a brilliant Corbinista as you have whacky ideas.

polymaff

colsten wrote: »

If that was so, you would be in breach of the current account T&Cs as none of them can be used for business purposes. That alone kills your idea stone-dead. But even if the idea wasn't DOA, you would also be liable for business taxation and no longer eligible to receive any personal allowance for your interest.

I doubt that we agree about the meaning of "business". In particular, your term "business taxation". What debars people in business from having a Personal Allowance - other than, and this only relatively recently, a six-figure income?

colsten wrote: »

You haven't really thought this through, have you. In other words, it's a bonkers idea.

Oh, quite possibly. And you?

polymaff

colsten wrote: »

On the other hand, you'd make a brilliant Corbinista as you have whacky ideas.

I can look back on a successful career based upon achieving what others thought to be unachievable or "whacky". I'm not giving up in retirement.

polymaff

"So you would be happy to pay tax on the cashback presumably ... "

"No, as the cash returned is already nett of income tax."

"Not according to the consensus in this thread........"

... and yet the thread you quote overwhelmingly agrees with my "No"

JuicyJesus

colsten wrote: »

On the other hand, you'd make a brilliant Corbinista as you have whacky ideas.

Please don't taint Jeremy Corbyn with this unworkable idiocy.