Swagbucking into 2017

Lungboy

thisone wrote: »

As far as I know the Inland Revenue require that you register for Self Assesment and declare all extra income by filling in a tax return, which can be done on-line.

That's what I've done. Not heard back from my first return yet.

I thought HMRC weren't interested as you're being paid in points not cash. Sites like prolific that pay cash directly are different.

It hasn't been inland revenue for 12 years

thisone

Lungboy wrote: »

I thought HMRC weren't interested as you're being paid in points not cash. Sites like prolific that pay cash directly are different.

It hasn't been inland revenue for 12 years

No one can accuse me of being up to date! If we got paid in points and never redeemed them for giftcards or goods, that would be the case, but we do receive income and apparently HMRC's attitude has been increasingly to include everything.

The correct method is to declare it and let HMRC be the judge, I know I didn't directly ask them about whether different sites are treated differently and I'm not sure that the on-line Tax Return gives any simple way of differentiating them. There is an additional information section where notes can be written or the Return could be sent by post with a covering letter and breakdown.

It's easy for me as I'm well below the personal allowance threshold.

parksandrec

Instant survey 31SB on car insurance

mjm3346

thisone wrote: »

No one can accuse me of being up to date! If we got paid in points and never redeemed them for giftcards or goods, that would be the case, but we do receive income and apparently HMRC's attitude has been increasingly to include everything.

The correct method is to declare it and let HMRC be the judge, I know I didn't directly ask them about whether different sites are treated differently and I'm not sure that the on-line Tax Return gives any simple way of differentiating them. There is an additional information section where notes can be written or the Return could be sent by post with a covering letter and breakdown.

It's easy for me as I'm well below the personal allowance threshold.

Don't forget to exclude any winnings from "search", "spin and win" "swagstakes" etc as they are tax free the same as almost any winnings.

mikep22

Impulse1976 wrote: »

Hi can anyone give me advice. How do you all record this income with the inland revenue?

*whistles quietly and goes to make a cuppa*

To be honest, I pay a ferocious amount of tax on the day job I doubt they notice.

kippygolf

Impulse1976 wrote: »

Hi can anyone give me advice. How do you all record this income with the inland revenue?

What about the £1000 pa income exempt from online sources? This was largely to cover people selling on Ebay etc, but perhaps SBs comes in that bracket?

thisone

mikep22 wrote: »

*whistles quietly and goes to make a cuppa*

To be honest, I pay a ferocious amount of tax on the day job I doubt they notice.

I used to be self employed and when I got around to confronting the terror of owning up to the tax man it all proved incredibly painless and I paid them a pittance, guess I didn't earn very much

One advantage is that by declaring self employment I'm now eligible to pay £106 a year class 2 national insurance instead of £7000 a year! (ridiculous, but didn't invent the system)

mikep22

thisone wrote: »

I used to be self employed and when I got around to confronting the terror of owning up to the tax man it all proved incredibly painless and I paid them a pittance, guess I didn't earn very much

One advantage is that by declaring self employment I'm now eligible to pay £106 a year class 2 national insurance instead of £7000 a year! (ridiculous, but didn't invent the system)

I'm paying about £750 for tax and NI so Im not sure it would make a great deal of difference to them to be honest :mad:

thisone

kippygolf wrote: »

What about the £1000 pa income exempt from online sources? This was largely to cover people selling on Ebay etc, but perhaps SBs comes in that bracket?

If in doubt ask the revenue directly. However I believe their answer is to say register and fill in a tax return!

Happygreen

A couple of weeks ago I bought a few nights away via SB - how long does it usually take to credit?