Do switch bonuses count as taxable income?

youngretired

Sorry I should have made it clearer, I'm asking about the referring if this gets reported to HMRC. When googling it mentions a Trading Allowance that cover's £1000, so does this cover referrals, as I know it covers odd earnings?

Zanderman

youngretired said:

Sorry I should have made it clearer, I'm asking about the referring if this gets reported to HMRC. When googling it mentions a Trading Allowance that cover's £1000, so does this cover referrals, as I know it covers odd earnings?

I would doubt there's any mechanism, or requirement, for a bank to report referral earnings of this type. 

Banks can and do report interest.

Earnings, from misc trading of any sort, are not, afaik, reported by banks. The new rules for reporting that from this year apply to trading platforms like Ebay.  But not, I assume, banks.

Re the £1000 trading allowance that applies if your total self employed gross income is £1,000 or less - in which case you do not need to tell HMRC or file a tax return. Whether or not HMRC know about it by other means.