Hi All, my apologies if this has been covered before but I’m really struggling to understand what I need to be doing so I’m hoping some of you out there will be kind enough to provide some pointers.
I’m based in the UK and I’m selling some stock photos on different websites and I’m not VAT registered. I’m only doing this on an ‘irregular’ basis as a hobby more than anything else. I have a full-time job that is completely unrelated to this and my Stock revenue barely amounts to $200 a year (average).
A) My understanding here is I fill out the tax forms on the sites (I’ve already filled out the W-8 BEN on most sites as a non-US resident and I understand the withholding tax applied is usually 0%)and I then need to do an annual self assessment with H&M Revenue in the UK? Is this correct?
B) Do you have to register as self employed to be able to do this?
C) To UK contributors out there, do you have any useful link or resources regarding self assessment (specifically about Stock photography contribution)?
Just contact HMRC and explain what you are doing and they will be able to advise you properly how to go about it. Self assessment is actually quite easy to do once you have all the figures you need, you can fill the assessment in online and it does the calculations for you.