Bank account transfer incentive - Taxable ?

[Lance]

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).

[adubya]

Why wouldn't it be taxable?

I'm not saying it isn't taxable.

[GhostofTarbera]

I'm not saying it isn't taxable.

Take it out as an expense


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[radish2008]

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 ?

[Lance]

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?

[northernladuk]

How is this one still going?

[Craig@Clarity]

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

[northernladuk]

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

/thread

[Lance]

/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?