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Bank account transfer incentive - Taxable ?

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    #21
    Originally posted by radish2008 View Post
    Some people (google account opening incentives and you'll find the posts) argue that it isn't income and not subject to tax (see previous posts about incentives). There is no clear guidance from HMRC so it's down to personal preference.
    BS...... HMRC don't recognise personal preference when it comes to tax. There's law, and there's legislation.


    Like I said earlier. It's not income personally as it's not your money. So is not subject to income tax.
    It is revenue to the company, and therefore subject to CT.
    Unless the bank pay you personally, at which point it's a bribe or fraud (take your pick dependant on how it ended up in your own account).
    See You Next Tuesday

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      #22
      Originally posted by eek View Post
      Why wouldn't it be taxable?
      I'm not saying it isn't taxable.

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        #23
        Originally posted by adubya View Post
        I'm not saying it isn't taxable.
        Take it out as an expense


        Sent from my iPhone using Contractor UK Forum

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          #24
          Originally posted by Lance View Post
          BS...... HMRC don't recognise personal preference when it comes to tax. There's law, and there's legislation.


          Like I said earlier. It's not income personally as it's not your money. So is not subject to income tax.
          It is revenue to the company, and therefore subject to CT.
          Unless the bank pay you personally, at which point it's a bribe or fraud (take your pick dependant on how it ended up in your own account).
          What I mean was that not everyone seems to be paying CT either from what I found.

          If it's not subject to income tax then how can it be taken from the company ? Presumable I pay a dividend that means I get taxed on that as income as well ?

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            #25
            Originally posted by radish2008 View Post
            What I mean was that not everyone seems to be paying CT either from what I found.

            If it's not subject to income tax then how can it be taken from the company ? Presumable I pay a dividend that means I get taxed on that as income as well ?
            same was any any money. Div, salary or capital. And yes taxed as appropriate. This is pretty basic stuff.

            Or are you thinking yo can just take £4k from your company's bank account and trouser it?
            See You Next Tuesday

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              #26
              How is this one still going?
              'CUK forum personality of 2011 - Winner - Yes really!!!!

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                #27
                This sounds like the government backed incentivised switching scheme. I would treat the £4k as "other income" and subject to CT.

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                  #28
                  Originally posted by Craig@Clarity View Post
                  This sounds like the government backed incentivised switching scheme. I would treat the £4k as "other income" and subject to CT.
                  /thread
                  'CUK forum personality of 2011 - Winner - Yes really!!!!

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                    #29
                    Originally posted by northernladuk View Post
                    /thread
                    it was at that point at post #2

                    It is unanimous.
                    Only some doughnuts Radish found on the internet disagree. Who'd have thought you could find people on the internet who are wrong?
                    See You Next Tuesday

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