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Where Taxpayers and Advisers Meet

transaction fee cashback, query

Smithy01
Posts: 6
Joined: Wed Apr 03, 2019 9:59 am

transaction fee cashback, query

Postby Smithy01 » Sat Jul 13, 2019 10:48 pm

Hi Everyone,
Just a quick question for tax purposes...
Someone paid me recently by using their credit/debit card and my card provider (izettle) took their usual commission. However a bit later on i noticed a 'transaction fee cashback' had been deposited in my business bank account.
Can someone advise me if this credited amount is taxable?
Thank you :)

robbob
Posts: 2783
Joined: Wed Aug 06, 2008 4:01 pm

Re: transaction fee cashback, query

Postby robbob » Mon Jul 15, 2019 12:56 pm

Yes this income will be taxable in exactly the same manner that the original transaction fee was tax deductible- i would treat this income as a direct credit against the original transaction fee that you have paid.


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