TwoHeartsOneRoof

@HMRCcustomers Ok I get that...what I don't get is how I can pay the tax....with no money from the work? I don't get paid cash in addition to the product. So unless HMRC are going to accept kids toys and panto tickets I'm confused 🤔

@2Hearts1Roof That’s correct as stated the guidance provided, you must include the value of the gift as income for the business. It is not classed an asset but as income. Rob

@HMRCcustomers hi I have a question regarding gifted items for bloggers. I receive items for gift guides and reviews that I either use or pass onto family, would I now need to declare and pay tax on these items? I cannot review the product without having the item sent to me

@HMRCcustomers So I have to include it as income even though I haven't received payment using a supposed value....but I cant expense as I haven't paid for it? It can't be a company asset, a panto ticket adds no value to my company. Please make this make sense

@2Hearts1Roof Thanks again for waiting. You wouldn't include an expense for a gifted item as you haven't paid anything for it. As you have received it in order to review/promote the item, it would be considered as a payment in way of an asset from the company/individual. (1/2)

@HMRCcustomers Also if I do increase my income via goods and services received won't this inflate my income for things like a mortgage or childcare requirements? So I can add 30k to my mortgage which I don't actually have the funds to pay for the increase? Correct?

@2Hearts1Roof An expense would only be included if you have physically paid for the item in order to review it as part of your business. (2/2) Rob

@HMRCcustomers Ok so if for example I receive 10k of gifted goods within a year...how am I meant to pay the tax on these? The tickets and goods add no value to my bank account? There is no physical money to pay with? What does HMRC suggest I pay with?

@HMRCcustomers Yes but can I also include as an expense? As the item is required for the work. How am I meant to pay tax on item value when no money is paid to me for the item? I don't have the cash in my hands to pay the tax on the item? None of this is clear in your documents

@2Hearts1Roof Thanks for waiting, Yes the gifted goods should be included as part of the income of the business. Please also see the following: taxhelpforhustles.campaign.gov.uk/tax-rules-cont… Rob

@HMRCcustomers How can we give a market value to things like events and press days? Also can I then put product value on my expenses if the item is required for the post? I can review the item without having the item so it is required for the work?

@2Hearts1Roof Thanks for waiting. Please see gov.uk/hmrc-internal-…. It is likely the gifted items will be regarded as casual receipts and therefore taxable. You should use their market value to bring the amount into your accounts. Rob

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@BurgerKingUK yet again your Neath store in South Wales is showing how utterly crap they are...my supposed BB Memphis chicken king...no onion rings even though he asked if I wanted them, no cheese, no bacon!! I can't return it before you ask!

Check out our newest blog post! What Is A Warm Roof Conservatory? twoheartsoneroof.com/what-is-a-warm…

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