How and when do owners get paid?
1. Payment Timeline: After you’ve successfully rented out an item on Hub Split, expect your payment to be processed within 24 hours – 36 Hours from the start date of the rental. However, keep in mind that bank processing times can vary, and it might take 3-4 working days for the funds to reflect in your account. This is largely dependent on the method the renter uses to pay. Paypal payments are typically instant..
2. Payment Method: Your earnings will be sent to you through a direct bank transfer. To facilitate this, we use PayPal, a trusted and secure payment processing platform. If you’re a first-time user, look out for an email from us prompting you to provide your bank details. This is essential for ensuring timely payments.
3. Taxes on Earnings: All earnings from Hub Split are considered taxable income. If you’re in the US, be sure to report your earnings when filing your sales tax. For those in the UK and Canada, include your earnings when filing your income tax. It’s always recommended to keep a record of all transactions and consult with a tax professional to ensure compliance.
Useful links:
Remember, being transparent and diligent in reporting your earnings will ensure that you’re on the right side of the law. Always consult with tax experts or professionals if you’re unsure about your obligations.
