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Padsta Gardener
March 21, 2023
Question

Showing a gift of monies in QB

  • March 21, 2023
  • 1 reply
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Dear All,

 

I have received a gift of monies - Christmas Bonus - and a gift of money  How do I categorise these on QB.  I'm a sole trader but not using the self employed version.

 

Thanks in advance

1 reply

paul72
paul72
March 22, 2023

Hi @Padsta Gardener 

 

It would be important to note the difference between a Gift (to you personally) & a Bonus (to you as a worker/contractor)...

A Gift is not taxable - so doesn't need to be entered into QB.

A Bonus is taxable - so should be entered in the same way as normal earnings.

 

If the payment was from a customer & only given because you were working for them at the time, HMRC would see this as being in the course of the job - so expect it to be declared as earnings.

 

If the gift was from a friend - or even from a previous customer that had become a friend - then that would be different.

 

Hope this helps.

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