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Re: Are xmas tips taxable
« Reply #20 on: December 06, 2012, 09:29:40 am »
What about if i went and bought £20 worth of beer with the money as a bonus for working so hard  ???

Would that be ok or not, i would think not as im selfemployed but if i was ltd  ??? ???

Paul

The £20 would be taxable. What you do with it is up to you.

G Griffin

  • Posts: 40745
Re: Are xmas tips taxable
« Reply #21 on: December 06, 2012, 09:48:12 am »
It is still taxable as it is from a customer as part of monies from the customer.

How would you decide the value of the gift eg. bottle of wine?
⭐⭐⭐⭐⭐⭐

Re: Are xmas tips taxable
« Reply #22 on: December 06, 2012, 10:02:50 am »
It is still taxable as it is from a customer as part of monies from the customer.

How would you decide the value of the gift eg. bottle of wine?

A rough valuation I guess. They are mostly achedemic questions though as I doubt many on here bother declaring tips.

roundbuilder

Re: Are xmas tips taxable
« Reply #23 on: December 06, 2012, 10:15:12 am »
I declare them but i declare everything now as got audited last year and they hit me hard hence building another round up asap to find the money for the extra tax i owed.

concept

  • Posts: 1048
Re: Are xmas tips taxable
« Reply #24 on: December 06, 2012, 10:33:37 am »
I declare them but i declare everything now as got audited last year and they hit me hard hence building another round up asap to find the money for the extra tax i owed.

Why did they audit you?

roundbuilder

Re: Are xmas tips taxable
« Reply #25 on: December 06, 2012, 11:32:20 am »
I declare them but i declare everything now as got audited last year and they hit me hard hence building another round up asap to find the money for the extra tax i owed.

Why did they audit you?

I used to do my returns myself and for the last 5 years i claimed my milage wrong. I thought it was 40p for every mile done but it turns out its 40p for any milage under 10000 and goes down to 25p anything above.
I had 20-40000 a year all at 40 since being self employed from running canvassing teams round the country and windows. Also i claimed £100 a month using my house as an office which they didnt accept so had to show everything for the past 6 years done. Luckily all my work done was fine, just the expensies didnt add up. I now use an accountant, not going through that again.

concept

  • Posts: 1048
Re: Are xmas tips taxable
« Reply #26 on: December 06, 2012, 11:41:00 am »
I declare them but i declare everything now as got audited last year and they hit me hard hence building another round up asap to find the money for the extra tax i owed.

Why did they audit you?

I used to do my returns myself and for the last 5 years i claimed my milage wrong. I thought it was 40p for every mile done but it turns out its 40p for any milage under 10000 and goes down to 25p anything above.
I had 20-40000 a year all at 40 since being self employed from running canvassing teams round the country and windows. Also i claimed £100 a month using my house as an office which they didnt accept so had to show everything for the past 6 years done. Luckily all my work done was fine, just the expensies didnt add up. I now use an accountant, not going through that again.

Jesus. They're a nice bunch!

I've used an accountant from day one, worries me that could happen still!