What do HMRC say about what I need to declare?
Updated 2 months ago
There's loads of advice from HMRC on their website. So if you're unsure of what you need to declare, check out their site for the full guidance.
We've summarised things for you here, but if you're in any way unsure, check the full guidance.
- The guidance around peer-to-peer lending and how to declare earnings can be found here.
- Zopa does not collect taxes on your behalf and you must declare your earnings to HMRC. If you fill out a self-assessment tax return, you must include your Zopa earnings; if you're not self-assessed, contact HMRC for instructions on how to declare.
- "Refer a friend" bonuses are taxable and should be declared (guidance)
- "Cash back" is typically not considered taxable (guidance)
- Early adopter bonuses are also taxable
- You can't offset fees for selling loans against income from loans.
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