Tax on non-cash payment?

Question

If you were to provide a service for example building a website, and were to recieve an item instead of cash, such as a Television, would you have to pay tax on it?

Answer 1

yes you will have to pay tax in theory but if nobody says anything what can they do. in theory also you would be liable for vat also if the company was registered for vat so two crimes would actually be committed

Answer 2

style of an decision of stable and undesirable solutions. First shall we handle the tax return difficulty. you may no longer garnish FEDERAL tax returns. in case you reside in a state that has state income taxes, and if that state helps it, you may document a garnishment on the tax return.. you're able to first have long previous to court and won a judgment. In Michigan, the technique to garnish state tax returns is extremely simple. Fill out a variety and deliver it to the state, alongside with a replica of the judgment. Then take a seat....and wait...and wait.....yet you will at last get your cash. As for salary garnishment, in case you may teach that the daughter is receiving income from the mummy, then you definately only document for garnishment and provide the place of work work to the mummy. she will have the flexibility to be forced to the two garnish the income, or she could be sued herself.

Answer 3

if its between 2 friends as a favour sort of thing then no.

if you are trading and were found out, then the Revenue would take the value of the TV as being the cash you would of received for that job and you would be taxed on that value.

but in reality, who's gonna know. there is no proof that you did the website or received the TV, so dont worry about it.

Answer 4

If the Inland Revenue were to find out (P11D), 'yes' .. however the 'Barter Economy' continues to operate 'below the radar' in most cases ..