My accountant tells me that my competition wins, such as they are, are subject to tax.
Can anyone out there advise if this is right?
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7 comments:
I'll check with the Society of Authors. They certainly never used to be but maybe the position has changed.
Zoe
Thanks very much Z. Good to 'see' you in the blogosphere!
Surely not! The rules have changed very recently if they are - I've never had to pay tax on mine, although I've always declared them
NO, according to the Society of Authors, competition prizes are NOT liable for tax.
At least I don't have to worry about competition wins... never been near one!
:o)
Ah well, there's one prerequisite action you has to take, Brian...
you has to enter the things...
Ha!
I'm glad the answer is no! That would be a scandal otherwise. :-)
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