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Where Taxpayers and Advisers Meet

Zero balance account with high transaction - tax issue

hsnkhaki
Posts:1
Joined:Wed Apr 03, 2019 1:40 pm
Zero balance account with high transaction - tax issue

Postby hsnkhaki » Wed Apr 03, 2019 1:59 pm

Hello all,

I have a question regarding the tax situation of an account with almost zero balance but with large amount of transaction. I have an account which gives me a good cashback so it is suitable for me to do all my purchases with this. I would have about £1000 in and out per week.
The input money comes from cash deposit to account. The output money goes to online shopping from known website like Amazon.
Do I need to declare this account for tax payment since there is no income?

Jholm
Posts:360
Joined:Mon Mar 11, 2019 4:22 pm

Re: Zero balance account with high transaction - tax issue

Postby Jholm » Thu Apr 04, 2019 12:33 pm

Much more info required please.

Who are you? Employee? Sole-trader? Company? Etc.

What relation does this account have to any business?

Do you mean interest?

etc.

etc.

etc.


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