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  • RE: Medical trial compensation

    Hi there, Thank you for linking that. I'm now aware that the excess will be taxable as miscellaneous income, but that article doesn't mention anything about the trading allowance of £1000, so I'm just looking for clarification if that would apply in this case or not. As it's going down as 'miscellaneous income', I'd imagine that that allowance would be in place, but I'm not 100% sure.
  • Medical trial compensation

    Hi there, I'm just curious if there are any tax implications for compensation received from partaking in a medical research trial? I'm a full time employee earning 23,500 not inclusive of bonuses, but I wouldn't enter the higher tax bracket regardless. The medical trial compensation would be 3,180 and wouldn't put me in the higher tax bracket either. From this 3,180, I have spent roughly 250 on trains for the actual medical trial and a follow-up visit 28 days later. So my questions are - 1. Would the compensation that I receive need to be taxed? 2. If the compensation is taxed, would £1000 of it fall under the £1000 tax free 'sole trader'? I went through the HMRC 'Check if you need to send a Self Assessment tax return' and none of the options really applied for a medical trial, hence it said that I don't need to send a self-assessment form. It is one-off compensation and it's not a regular thing that I've done. Appreciate any advice and guidance.
  • Capital Gains Tax on Crypto - Under £6000 CGT allowance.

    Hi there, Just have a question regarding capital gains tax on crypto assets where the gain is under the £6000 threshold for the tax year. This morning I sold my crypto and pulled out around £13,000. This is based off an investment that I had made which was priced at £7,400. This gives me roughly £5600 in gains from my initial investment, so I believe that I don't have to pay any capital gains for this tax year. I held the crypto asset for over 2 years. The question I have is - even though the amount I have in realised gains is under the £6000 threshold, do I still have to file a CGT form to inform the HMRC of this gain? I appreciate any information you can provide, thank you