Hi I have a client a freelance photographer.
He received into his bank account 2 amounts totalling £600. Client says these were gifts to him for help he provided with auditioning roles and speaking to cameraman.
Is this turnover for self employed?
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Some gift...
Wish I got £600 for 'talking' to accountants..
I think HMRC would be somewhat dubious on this one.
Yes
A bottle of champagne would qualify as a gift, but £600 paid into your bank account can only be taxable income .... unless you are running the Harry Redknapp defence!
Well i'm not so sure (probably wrong though)
Anyone else would have taken it in cash and that would be that. He really is a very genuine chap.
The client genuinely believes this is not income, purely gestures of goodwill by friends. As there was no contract, no expectation I wonder if HMRC would win!
It really makes no difference as he will be carrying forward losses and this will simply mitigate the loss for his first year.
Thanks guys