Do you have to pay taxes on bank transfers?

Antzsilva

Hey,

I have a massive Instagram pages and I've just recently started to sell shoutouts on my page.

In the past 3 months I've made about £13,500 which is about £150 a day. What I want to know is, do i have to pay income tax on these these transfers?

Also won't my bank get suspicious because i'm only 16 and making around 4.5k every month?

Thanks :money:

TheCyclingProgrammer

They aren’t bank transfers. It’s income. You’re selling a service for money. Yes it’s taxable. If you’re going to be doing this as a regular thing you need to register as self employed.

delicious11

Seek advice from an accountant as tax rules are different if you are under the age of 18.

TheCyclingProgrammer

delicious11 wrote: »

Seek advice from an accountant as tax rules are different if you are under the age of 18.

What tax rules specifically are different that you are referring to?

It doesn't matter how old you are, everyone has the same personal tax allowance and pays the same rates of tax on income above this level. No national insurance if you're under 16 though.

01afraser4

As the others have said, yes, you will need to pay tax on these amounts as they will be considered as earnings (people aren't just sending you this money out the kindness of their heart).

You will need to notify HMRC before 5th October that you are liable to income tax otherwise you may receive a penalty.

Rodders53

Start reading here https://www.gov.uk/working-for-yourself

"Only 16" is not under 16 in my book (that would be 15 or lower) and OP should have their NI by now... so it's all relatively straight forward.