Telling HMRC about gifts you receive

There is no need to tell HMRC about your receipt of a gift. But if you are self-employed, it is sensible to keep any evidence that it is a gift (for instance, an exchange of letters).  This is in case you are subject to a tax enquiry. During a tax enquiry, HMRC might assume the gift is income from your trade/self-employment, if you can’t prove otherwise.