selling and gain cash rebate / credit card points to redeem asiamiles

Hi, I would like to ask that I buy something and resell it, but the selling price is lower than the buying price, but the credit card rebate (cash rebate / cash rewards from the promotion) can cover the loss. Should I declare to HMRC? which category should i refer to ? However, some of the transactions only get the credit points / asiamiles rebate. How can I declare them? Thank you.

Hi

Please refer to guidance at BIM100210 - Miscellaneous income: particular sources: cash-backs

Thank you

As I asked the HMRC in twitter, they said that Promotions run by banks and credit card companies are not taxable. And I don't need to report them. Is that right? If the overall trading income is less than the overall buying price of goods, which means i do not gain anything in the trading. And I do not want to claim any benefits, or making voluntary NI payment. Is that I do not need to set up as a sole trader? Referring to the rules below: When you need to set up as a sole trader You need to set up as a sole trader if any of the following apply: you earned more than £1,000 from self-employment between 6 April 2022 and 5 April 2023 you need to prove you’re self-employed, for example to claim Tax-Free Childcare you want to make voluntary Class 2 National Insurance payments to help you qualify for benefits

Hi mandy sin

Please refer to guidance at BIM100210 - Miscellaneous income: particular sources: cash-backs re cashbacks/rewards.  You dont need to declare this in a tax return as you could notify HMRC in writing.

Thanks