Hey, gift gurus! When you’re spreading the joy on Spenny Piggy, those donations you make to wishers are usually seen as personal gifts. In the UK, they typically fall under income tax but don't have any VAT requirement. Also, just a heads-up: these donations don’t qualify as tax-deductible for donors, they would if you have a charity page tho.
But here’s the deal: Wishers might still need to handle their taxes for the gift funds they receive. Sometimes, in certain cases and countries, these earnings could be taxable, like if they’re counted as income. To stay on top of things, it’s smart to keep good records of your gifts and chat with a tax pro if needed.
Now, as part of Spenny Piggy’s Terms and Conditions, you’ve confirmed you’re not trading goods or services for those donation funds. That means Spenny Piggy won’t hand over any tax docs for gifted money, nor will we label it as earned income. However, you might still need to handle taxes for those gift funds.
(Update - However taxes will apply to Subscriptions, Bills and Memberships. This is due to an exchange of goods for money. Which is the exclusive content gifters receive. Wishers can change the applicable tax % for their country in their account settings. We send the VAT directly to the creator with the payout, so it is the responsibility of the creator to pay their applicable taxes)
If you fancy a neat list of your gift funds for tax time, give support a shout! We’re happy to help with that info. Alternatively, you can grab a CSV of your payouts straight from your Stripe Dashboard. Easy-peasy! 🎁💼