Are Influencers declaring gifts correctly to the tax man?

[motherofdonkeys]

What do we think?, I'm guessing probably not. It seems officially, if an influencer is regularly receiving gifted items from the same source, if those gifted items amount to a value of over £250 within a 12 month period, the monetary value should be being declared within their tax return as it is officially classed as income. That is what I have read online anyway, and it makes sense to me and covers an area which is a bit of a loophole influencers exploit.

Big ticket items, holidays etc would go over the £250 cut off straight away, but I can't see people like, Clemmie Telford for example who didn't realise she no longer qualified for child benefit despite it all being quite clear where to declare it on your tax return , knowing that gift value should be declared.

 

[Mayday]

Definitely not. They still seem to think gifted stuff doesn't class as payment - to them its just 'free stuff' and not actual money, hence why so many won't disclose ads properly.

 

[Yel]

No chance, some must be really skating on thin ice.

At many workplaces you're rewarded with points, but if you spent these points on the website to buy something with the postage costs and higher than shop prices it often didn't work out much of a reward.

Will be difficult to enforce thought as I can imagine free holidays they would argue are an expense rather than a gift.

They need to stop saying gifted unless they're paying tax on it. We all know it's really an AD.

 

[motherofdonkeys]

No chance, some must be really skating on thin ice.

At many workplaces you're rewarded with points, but if you spent these points on the website to buy something with the postage costs and higher than shop prices it often didn't work out much of a reward.

Will be difficult to enforce thought as I can imagine free holidays they would argue are an expense rather than a gift.

They need to stop saying gifted unless they're paying tax on it. We all know it's really an AD.

There are allowances they can include when declaring gifts, which would knock down the value in tax terms, but I doubt many of them know any of the laws covering this.

 

[JulieScoobyDoo]

Anything sent with the specific purpose of being for review does not need to be declared as it is seen as "tools of the trade". Either t-shirts or all inclusive holidays, they do not need to be declared.

Vouchers from Amazon / John Lewis / Boden that are sent as payment for a sponsored post, commission from affliate links, all have to be declared.

And if any of the gifted items are sold the income from the sale has to be declared.