Donations/Receiving money

Im sure im find but just wanted to find out just incase.

Ive been looking for extra money to help pay for my first car and insurance as its exspensive (im in the UK).

I setup a site where people can basically press paypal button and donate however much they want. *doubt will work but good domain anyway xD*

Now Its not a business so I dont pay tax right?

Thanks if you can help me out

-Dan

 

Of course you pay tax, it's income - hence, income tax.

 

Yes, you pay tax on ANY income at all. Now, the thing is, at least in the US, if you make less than a certain amount you don't have to pay. You are still going to have to claim it regardless.

 

Just to be clear... yes, you pay tax on it. The amount hostlonestar is talking about is "$600"... maybe there is a UK equivalent?

 

Alright will look at .gov site and see if their is a "limit" before paying. THanks guys

 

Check local/country tax laws regarding gifts. In the US if an ammount of money is a gift then the person receiving the gift does not report that as income, but it has to be a gift (not an exchange for services or goods).

I'm not sure how that works in th UK.

 

Unless you are a charity (501-c I think), you'll have to pay taxes.

 

in my country, you will be free from tax about it