Was chatting at work today with my colleagues about household finances. I explained that our mortgage and household bills come out of my account. My wife is responsible for the food and household shopping and diesel for the cars. So it works out pretty evenly. However my wife's not great with money so she transfers a lump sum over to me at the start of each month. I then use this to pay for the shopping and diesel.
I haven't really given this much thought before, but a colleague offhandedly remarked that HMRC might treat this as other income and try and tax it, because to them it will look like I am receiving a regular lump sum payment! Obviously this is from income received from my wife's employment and has already been subject to PAYE / NI.
Do I have anything to worry about?
I haven't really given this much thought before, but a colleague offhandedly remarked that HMRC might treat this as other income and try and tax it, because to them it will look like I am receiving a regular lump sum payment! Obviously this is from income received from my wife's employment and has already been subject to PAYE / NI.
Do I have anything to worry about?