Taxes

Furry Gurus said:
So I read a thread today about taxes in the UK but I can't seem to find it, any help? :p
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I didn't see that post.

For US taxes H&R block said to do a business form and combine my video and merchandise earnings into one thing. It sucked because I got a 20% business tax AND the total earnings combined from my online earnings and my job pushed me into a higher tax bracket so it raised my percentage a lot! That means I get double taxed on my online earnings... There has to be a better way to do it, I think I'll try a different tax company next year. When I plugged it in as hobby earnings online it looked like they would have taken all of my earnings as tax! How stupid is that???
 
Munchito696 said:
I didn't see that post.

For US taxes H&R block said to do a business form and combine my video and merchandise earnings into one thing. It sucked because I got a 20% business tax AND the total earnings combined from my online earnings and my job pushed me into a higher tax bracket so it raised my percentage a lot! That means I get double taxed on my online earnings... There has to be a better way to do it, I think I'll try a different tax company next year. When I plugged it in as hobby earnings online it looked like they would have taken all of my earnings as tax! How stupid is that???
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my first earning was in 2015 so I am good for another year, but Belgium is a lot different from US.
 
Basically legally you have to account for all your earnings, and all YouTube earnings would most likely go under "self employed". However in the UK you do not have to pay tax on any earnings until you earn over £10,000. So if you do not have a job at the moment, and have a small channel there is nothing really to worry about. Although you should still legally declare all your earnings no matter how small. Hope this helps. If you are worried about it I would do some more research into declaring income as self employed and possibly phone up the government and ask about your particular situation. :D
 
HyperCipher said:
Basically legally you have to account for all your earnings, and all YouTube earnings would most likely go under "self employed". However in the UK you do not have to pay tax on any earnings until you earn over £10,000. So if you do not have a job at the moment, and have a small channel there is nothing really to worry about. Although you should still legally declare all your earnings no matter how small. Hope this helps. If you are worried about it I would do some more research into declaring income as self employed and possibly phone up the government and ask about your particular situation. :D
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I do have a full time job at the moment, don't live in the UK though, but I imagine Belgium could be in the same trend :)
 
Furry Gurus said:
I do have a full time job at the moment, don't live in the UK though, but I imagine Belgium could be in the same trend :)
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Don't do what I did and only go to one tax expert, get multiple opinions. I just did mine at the last second, I had to pay way more taxes than I thought! Basically now I just assume 33% of my earnings go to taxes:mad:[DOUBLEPOST=1437166642,1437166489][/DOUBLEPOST]
Munchito696 said:
Don't do what I did and only go to one tax expert, get multiple opinions. I just did mine at the last second, I had to pay way more taxes than I thought! Basically now I just assume 33% of my earnings go to taxes:mad:
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Oh keep receipts of ANYTHING you buy specifically for videos. I claimed my computer, all of my GoPro stuff, and even graphics software I use to make merchandise. Not sure how it works out there but in the US that's the way it works. I was able to claim my 1,200 computer 100% since I use it very heavily for designing merchandise and video editing.
 
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