Skip to main content

This is a new service – your feedback will help us to improve it.

  • RE: Is bank referral bonus taxable in UK?

    Hi if I receive the referral bonus I gained for referring 5 friends to join an bank account and get the referral bonus 5 times. Is it also considered as a one off payment and are not taxable? If I receive the lump sum of referral bonus for referring friends and earn more than £ 1,000 , should I need to declare to HMRC even though it is not taxable? Thank you for reading my message
  • Bank interest in saving

    Hi If I have saved the money in an account, and the Interest will be paid after a year(Oct 2023), for example , if I receive a lump sum bank interest (£2000 ) in Oct 2023. Should I charge the total £2000 in the tax year 23/24 , or do I need to do calculation on my self and divided the bank interest by the number of 12 , so £166.66 is assumed to be received per month, and I only need to declare 6 month of bank interest on tax year 22/23 which is (£1000 ) and 6 month on tax year 23/24 (£1000 ) ?
  • saving interest

    Hi Admin, I' m a basic rate tax payer, and going to receive bank interest within £1,000 .I 'm not self-employed and do not receive other income like rental incomes, commission . I understand that if you have to complete a Self Assessment tax return , you need to report any bank interest earned on savings there( even though it is within personal savings allowance) If I'm not necessary have to complete a Self Assessment tax return , does it mean that I do not need to declare HMRC about the bank interest when the bank interest earned are within the personal savings allowance ?
  • gift cards :Received as prizes and sale it

    Hi I received emails from Amazon that I am a provisional winner of three gift cards ( a £50 , a £100 and the other is £500 Amazon Gift Card). And I need you advice . I have checked from the website that I don't need to pay and report to hmrc if I just use them for myself. But if I sell part of them online, should I need to pay and declare uk tax? Does it means that the earning from selling the giftcards at discounted price are regarded as trading profit on me ? If I sell the giftcards and earn less than £1,000 a year, do I need to declare to HMRC? Thank you for reading this message.
  • RE: Gift tax for cash gift from overseas

    Hi, I am a tax paying UK resident, non citizen, My uncle who live in Hong Kong would like to gift me £5,000 . He doesn't want to pay the overseas transfer charge . So he is going to give it to his friend (a UK passport holder, born in UK but currently work and live in Hong Kong) who will come to UK to visit his family member, and ask him to pass the money to me in UK through uk local bank transfer . In this case, can the money still regarded as gifts of cash from overseas andare not liable to income tax? Do I need to declare to HRMC (even if I don not need to pay tax)? Thanks