Tax payments

MattZ

MattZ

YouTube Networks Addict!
Do networks/adsense automatically take tax from you or is this something you have to file for? I'm no where near earning enough to have to worry about this but was just curious!
 
MattZ said:
Do networks/adsense automatically take tax from you or is this something you have to file for? I'm no where near earning enough to have to worry about this but was just curious!
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No you must find out what your minimum tax payable income will be and if you earn that much you have to fill out tax returns. You are seen as self employed when you earn money from YouTube.
 
Frankie Turner said:
No you must find out what your minimum tax payable income will be and if you earn that much you have to fill out tax returns. You are seen as self employed when you earn money from YouTube.
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will it be the same rate of tax for all other jobs? like most jobs u can earn up to 7.5k£ without paying tax is it the same as that?
 
MattZ said:
will it be the same rate of tax for all other jobs? like most jobs u can earn up to 7.5k£ without paying tax is it the same as that?
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Yep it'll be the same rate of tax as everyone pays. I don't know how National Insurance works though when it comes to be self employed.

http://www.hmrc.gov.uk/selfemployed/

Give this a read, it'll explain how to sort out your tax returns for when you get to that point. This is one thing I am dreading myself because I hate this kind of thing!
 
Frankie Turner said:
Yep it'll be the same rate of tax as everyone pays. I don't know how National Insurance works though when it comes to be self employed.



Give this a read, it'll explain how to sort out your tax returns for when you get to that point. This is one thing I am dreading myself because I hate this kind of thing!
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Yeah me too thats why I thought I'd ask :p thanks for all the help I appreciate it I shall give this a read now.
 
I'm glad I found this post because I was wondering the same thing and im guessing we would do our taxes by looking at our earnings on paypal?
 
Sickflowz TV said:
I'm glad I found this post because I was wondering the same thing and im guessing we would do our taxes by looking at our earnings on paypal?
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Yep. It's very important, once you're above the threshold to start paying, that you sort it out ASAP. If you get collared not paying taxes you could go to prison for tax evasion or tax fraud.

It's not TOO complicated, just make sure you go to your relevant government website, read up on what you need to do and what the payment threshold is, and make sure you make a note of the deadlines required for tax returns and whatnot.
 
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