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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!
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1/18/2018
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: UK Tax
Satisfied Customers: 5,152
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Many thanks

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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: 5,152
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Best wishes.

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