YouTube Question Paying Tax for UK Tubers on their revenue?

[GrooveOn]

Hi All

I have seen some socials advising of HMRC changes afoot in regards to passive earnings on platforms such as YouTube, Etsy, Insta etc. Just curious how people declare the earnings, are you offsetting your equipment such as cameras and lighting etc?

Thanks GrooveOn

 

[Damon]

Yes, well, here in the USA we pay taxes on passive forms of income. It's classed as a royalty much like the dividends from stocks or something. Yes, you should keep declare any equipment, professional services, supplies, and meals and entertainment used for the business. You should talk to an accountant or business lawyer regarding these things. Don't take this as legal advice. You're running a business, and businesses pay taxes just like every other entity.

 

[GrooveOn]

Yes, well, here in the USA we pay taxes on passive forms of income. It's classed as a royalty much like the dividends from stocks or something. Yes, you should keep declare any equipment, professional services, supplies, and meals and entertainment used for the business. You should talk to an accountant or business lawyer regarding these things. Don't take this as legal advice. You're running a business, and businesses pay taxes just like every other entity.

I recall reading the terms when I was setting up the monitsation, however it all related to the US tax system, I am just wondering what people do in the UK. I am really surprised that no one else had replied !?

 

[Damon]

Correct, that's why you should talk to a lawyer, accountant or other professional in the UK to give you legal advice for your situation. Forums are a poor place for legal advice.

 

[EnglishwithLiz]

I recall reading the terms when I was setting up the monitsation, however it all related to the US tax system, I am just wondering what people do in the UK. I am really surprised that no one else had replied !?

I trade as self employed, so prepare accounts in the normal way. Google income is in £, so no conversion necessary and just deduct allowable expenses that are listed on HMRC website. Any specific Q's just ask, but it's really straightforward.