Question / Discussion What do you like to spend your extra money on?

[Anakha6]

I've just paid for a cinema trip for 2 using only money earned online. Got me wondering what other people are spending their internet money on?

 

[Jon]

Bills usually lol

Though tax free cash from the likes of matched betting has paid for multiple holidays, home improvements, a car etc

 

[Anakha6]

Bills usually lol

Though tax free cash from the likes of matched betting has paid for multiple holidays, home improvements, a car etc

You know, I was just thinking about the tax implications of earning online. At what point do you need to start telling HMRC about your swagbucks?

 

[Jon]

You know, I was just thinking about the tax implications of earning online. At what point do you need to start telling HMRC about your swagbucks?

HMRC don’t care about swagbucks or any other online method of you earning

They just care when you make over £1000 (however you do it!) because that’s when you need to register

 

[Anakha6]

HMRC don’t care about swagbucks or any other online method of you earning

They just care when you make over £1000 (however you do it!) because that’s when you need to register

£1000 in a tax year? I think my Swagbucks earnings currently is about £20 a week so that could potentially become an issue

 

[rninja]

Try not to spend and become more minimalist. Prefer to invest in index trackers or low cost multi asset funds.

 

[Jon]

£1000 in a tax year? I think my Swagbucks earnings currently is about £20 a week so that could potentially become an issue

Yes £1000 per tax year

 

[Anakha6]

Try not to spend and become more minimalist. Prefer to invest in index trackers or low cost multi asset funds.

I'm already paying in to a mortgage every month so I don't think investing my 2000 swagbucks is here nor there. I'd rather treat myself and the Mrs to a cinema trip

 

[Anakha6]

Yes £1000 per tax year

GAH. That's a distinct possibility next year then if I keep up my current earning rate. I'll have to do some research.

Can it be circumvented if I withdraw some of it as Amazon or supermarket vouchers or whatever, rather than paypal?

 

[Jon]

GAH. That's a distinct possibility next year then if I keep up my current earning rate. I'll have to do some research.

Can it be circumvented if I withdraw some of it as Amazon or supermarket vouchers or whatever, rather than paypal?

You would have to speak to HMRC

 

[Anakha6]

You would have to speak to HMRC

I'll bear it in mind. Shouldn't be an issue for a while. Thanks