Hello guys, I am looking to start a free draw prize promotion. App, Where people will enter by watching two 30 second advertisements. The money generated from the advertisements will be used as the prize money.
What percentage will have to be paid on the money generated from the advertisements? And what tax will need to be paid for paying the winner?
For example, if the advertisements generate £10,000 and the winner gets £9000 will the whole £10000 need to be taxed or just the remaining £1000?
Thanks,
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