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gift received

KC
15/09/2023
Question

How should you enter a gift in the accounts? For example, my parents give me a paid amount. How should I enter this?

Do not declare it, as it is not business income. It is simply a transfer from your parents to you personally. It does not matter whether it is to your personal bank account or your business account, it makes no difference.

It is not professional income, so there is nothing to declare in terms of turnover.

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