Cash flow and taxes, how does it work?

Saltutza

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Hi,
I have had a bunch of online jobs that require me to pay for things to different companies and then refund me. Sometimes the costs are high compared to the actual profit I make. But on my bank account, when I get refunded, it looks like I am getting paid a lot of money from the company I work for.
So I am wondering how you all deal with / see those kinda situations in terms of tax declarations and stuff. Like proving I don't actually earn or spend a lot seems difficult in that situation.
Hope what I wrote makes sense,
Sorry if this has been talked about before
Thanks for reading!
 

Jon

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Hi,
I have had a bunch of online jobs that require me to pay for things to different companies and then refund me. Sometimes the costs are high compared to the actual profit I make. But on my bank account, when I get refunded, it looks like I am getting paid a lot of money from the company I work for.
So I am wondering how you all deal with / see those kinda situations in terms of tax declarations and stuff. Like proving I don't actually earn or spend a lot seems difficult in that situation.
Hope what I wrote makes sense,
Sorry if this has been talked about before
Thanks for reading!
Take the profit for the year

That’s what you report to HMRC

simple
 

BreeziOG

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I mark the payment, including the reimbursement, as income, but the initial purchase of goods as a business expense, so the only taxable income is the profit.
 
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Karonher

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I am still unsure about the money spent in bookmakers when mystery shopping. I pay tax when I first earn it yet some people have said it needs to be declared as it is part of the reason for doing the job.
 

Longy

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I am still unsure about the money spent in bookmakers when mystery shopping. I pay tax when I first earn it yet some people have said it needs to be declared as it is part of the reason for doing the job.
The reimbursement and fee from the mystery shopping company are taxable, anything you win while conducting the shop is not taxable as all gambling earnings are tax exempt.
 
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Karonher

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The reimbursement and fee from the mystery shopping company are taxable, anything you win while conducting the shop is not taxable as all gambling earnings are tax exempt.
Thanks - I have been declaring it but was never sure if it was right
 

Saltutza

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random question kind of linked to this topic, sorry if it's a silly question,
i am wondering, in terms of when filling out benefits forms(like help with health costs etc), they ask you about money in bank accounts, how can they know how many accounts you have? do you just have to declare your main account?
just feels like maybe a good idea to have several accounts for online work, esp for MB and it's just confusing how much extra bureaucracy i will need to do.
 

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