UK Tax

UK tax questions? Ask a UK tax advisor for answers ASAP

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

I am self-employed in the UK, and I do contract work for a…

Hi there. I am self-employed...
Hi there. I am self-employed in the UK, and I do contract work for a company based in the USA. I get paid in dollars for that contracted work on a per-month basis, based on what work I do & days worked has been done. I am not an employee.They recently sent me a large sum of money from the company, around £20k as a 'thank you', saying if they (as a company) continue to do well, this may become a yearly thing, if I'm still doing work for them.Is this sum classed as a 'gift' for HMRC, or would it be classed as income? Thanks very much!
Show More
Show Less
Ask Your Own UK Tax Question
Answered in 6 hours by:
1/18/2018
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,207
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Verified

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Ask Your Own UK Tax Question

Thank you for your question...

This sum would be classed as income (equivalent to a bonus being given to an employee).

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,207
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Verified
taxadvisor.uk and 87 other UK Tax Specialists are ready to help you
Ask your own question now

I thank you for accepting my answer.

Best wishes.

Ask Your Own UK Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with an uk tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,207
5,207 Satisfied Customers
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)

taxadvisor.uk is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Sam

Sam

Accountant

6,546 satisfied customers

26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax

bigduckontax

bigduckontax

Accountant

931 satisfied customers

FCCA FCMA CGMA ACIS

TEAP007

TEAP007

Tax Preparer

759 satisfied customers

Fully Trained Inspector of Taxes / District Inspector/ Team Leader/ Offshore Consultant/ 41 years

Andrew Baker(baktax)

Andrew Baker(baktax)

Personal Tax Adviser

756 satisfied customers

35+ years experience in income tax, CGT, non-residence

berduchwal

berduchwal

Accountant

669 satisfied customers

Qualified accountant and bookkeeper running my own practice since 2008.

Clare

Clare

Solicitor

148 satisfied customers

25 years exeperience as a high street solcitor

Mrs-Tax

Mrs-Tax

Tax Adviser

59 satisfied customers

Law Degree, 19 years in UK Tax.

< Previous | Next >

Related UK Tax Questions
Hi, I have just came across this site and hoping you can answer
Hi, I have just came across this site and hoping you can answer a few questions. I am a British expat, currently living in Abu Dhabi, and have been here for the past 5 years. My wife and I are moving … read more
TonyTax
TonyTax
Tax Consultant
High School or GED
8,922 satisfied customers
I was self employed in USA from 1987 to 1991 and built up a
I was self employed in USA from 1987 to 1991 and built up a substantial Defined Contribution pension pot. I worked in UK from 1991 and retired in 2009 and have been drawing a final salary UK pension s… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have two questions. First, if you are self employed,
I have two questions. First, if you are self employed, live and pay tax in Switzerland, but come over to do work, say one weekend a month in the UK, would you be liable to pay UK tax on the income you… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
My Housekeeper has a principal employer who deducts PAYE, issues
My Housekeeper has a principal employer who deducts PAYE, issues P60 etc, Her work for me is in addition to this and she files as self-employed for the money I pay her. I shall be leaving the UK and w… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
A newly self-employed person who is UK Domicile and UK Ordinarily
A newly self-employed person who is UK Domicile and UK Ordinarily Resident goes to work full-time in China for a complete tax year. Q1. Will HMRC classify that person Non Resident for that tax year ? … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
I now live in Cyprus and am in the process of become a Cypriot
I now live in Cyprus and am in the process of become a Cypriot resident. I wish to continue working for clients in the UK on a self employed basis, receiving the income directly into my Cyprus bank ac… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
Hi, I have been living in Egypt since September 2008 as a
Hi, I have been living in Egypt since September 2008 as a consultant in Adult education for an industrial complex in Cairo. Since the Revolution my responsibilites have moved to Europe, America and th… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
Hello, I work for a French company, I live and work in France
Hello, I work for a French company, I live and work in France and pay French tax. My company wants me to work on a contract for a UK company - the job is expected to last 18 months or more and for the… read more
TonyTax
TonyTax
Tax Consultant
High School or GED
8,922 satisfied customers
If I am employed by a UK company with a UK contract, but permanently
If I am employed by a UK company with a UK contract, but permanently based in Asia, am I liable for UK taxes ? I have been working in Dubai as a consultant for 2.5 years to date… read more
TEAP007
TEAP007
Tax Preparer
Fully Trained Inspector of Taxes B1
759 satisfied customers
I am working on a Tier-1 Visa as an Independent Contractor,
I am working on a Tier-1 Visa as an Independent Contractor, and have thus far worked only on a contract with a US university. I have a bank account in the US, where the money is paid in US Dollars, th… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
I am a UK resident and I need to get a UTR in order to do my
I am a UK resident and I need to get a UTR in order to do my taxes. All my income is from an oversees company which pays me into a oversees bank. I understand that I need to pay UK taxes but my questi… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
I am about to start a fixed term contract doing 3 specific
I am about to start a fixed term contract doing 3 specific projects for a company based in Germany. I will be responsible for paying my own tax and NI in the UK. Whats the best way of doing this?… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
Hi Im currently self employed and have an accountant filing
Hi I'm currently self employed and have an accountant filing my tax return. I've been registered self employed since July 2009. It was my intention to work with several companies but my situation now … read more
Sam Pathak
Sam Pathak
Chartered Tax Adviser
Master\u0027s Degree
461 satisfied customers
do I have to pay tax in UK if I work in USA from May 1st 2010
do I have to pay tax in UK if I work in USA from May 1st 2010 to april 30 2011. I am a doctor working for NHS, permanent resident in this country but not a citizen yet. I am not sure when I will be co… read more
Julie Kingham
Julie Kingham
Director
Chartered Tax Adviser
733 satisfied customers
Hi Sam,Thanks for your help last time. I wanted to ask another
Hi Sam, thanks for your help last time. I wanted to ask another question to get clarification and also ask a separate but related question: 1. The company will be registered in the Seychelles but I wi… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
Hi, I am about to leave the UK to go and work in the USA, employed
Hi, I am about to leave the UK to go and work in the USA, employed by a US Company. My employment starts on December 1st 2009 and will continue until at least November 2010. I may continue to work in … read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
i live in Uk and may well be offered job working in uk for
i live in Uk and may well be offered job working in uk for dublin based business am i better off being on salary with dublin based company or starting my own ltd company in uk re tax… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
Hi my husband is American and resident in this country on a
Hi my husband is American and resident in this country on a spousal visa, his American employer would like him to continue working for the company. They are a USA based company with no offices outside… read more
Sam
Sam
Accountant
Higher Officer HMRC
6,546 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x