UK Tax For Youtube Income - Do I Need To Report My Income?
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- Опубліковано 29 тра 2024
- If your small youtube channel is monetized then you may need to consider tax on youtube income. In todays video I'm looking at when taxes become applicable for UK youtubers generating ad revenue.
Need help with your tax return?
bit.ly/utr-number
Am I a sole trader?
www.gov.uk/employment-status/...
Register for self employment
www.gov.uk/register-for-self-...
Dude this was really helpful. Thank you so much for the great explanation. Just received some letter from the U.S. about tax but love in the UK so wondered what to do . Thank you !
UA-cam is a great side hustle! great video!
Lots of allowances that you could potentially do to avoid or exempt this income even if you dont have a company. Being self employed to begin with is often a good idea, especially if your main sources of income arent incredibly high!
Hi Adam, thank you so much for this video, very concise and informative. I have recently become monetised and your video has set me on the right path. 👍
This is excellent. Thank you; you've answered all the questions I was thinking about.
Awesome.... concise, informative and all done with a friendly face! Thanks buddy ☺️💯
This has been EXTREMELY helpful, really appreciate it X
Glad it was helpful!
I'm so glad I found you, you explained everything so well, so I subscribed :3 thank you
Thanks for subbing!
Thank you so much bro thisbis so helpful 🙏🏽 very well explained and detailed love your channel.
Glad it helped
Very easy breakdown, appreciate this!!
I've just become monetised in the past few months and this is next step I need to think about!! Very clear information and very much appreciated! Consider me a new subscriber lol 👍🏼👏🏼
Thank you
Income tax is unlawful, learn real law and our bill of rights. None of us should be paying it
good luck
Excellent and concise video thank you. I suppose my follow up question to this would be, once you exceed that £1000 threshold would setting yourself up as a LTD company create any further tax efficiencies or benefits, or would this only be useful to channels that are drawing much larger revenue (say £50,000 p.a rather than £1002 p.a). Thanks!
Really useful thank you. Subscribed
Thanks for this info 👍
An interesting video would be to explain how starting a channel expenses can be claimed /off set against tax. Ie cameras etc. I presume this could only be against income from the part time income, rather than tax paid on full time PAYE job
Hi. Just found your channel. Great advice. A quick question. What if I have different UA-cam channels that have been monetised, can all the channels be under one LTD company? Or should I just declare all the income together as a sole trader? Please I need clarification. Thanks 🙏🏽
Hi just wondering if you can help clear something up for me. I started making a bit of cash on UA-cam but each time I get paid from Google ads I get us tax taken off me. As I'm from the uk I find this a bit odd because i will also have to pay uk tax too when i earn over 1k. Have I done something wrong when setting everything up or is that just how it is and will have to pay us tax as well as uk tax? Thanks for any help 👍
Nice info buddy..!!
Thanks 👍
I dont understand the US Tax shit that's on the Adsense. It says you must submit a tax form as soon as possible. I haven't even gotten monetised. Thinking about deleting my channel and adsense because seems like too much headache to complete all these forms and understand all the requirements. Such a shit process
You mentioned setting up a ltd company. Can’t we set up in cayman island and pay zero tax? What’s the catch?
“Self-employed plumber by day and UA-camr by night” sounds like the world’s shittest vigilante superhero. Hahaha
I'm not sure which revenue on UA-cam or adsense shows my actual turnover. The adsense amounts seem different to my revenue on UA-cam. Could you help please? Also my cameras etc were purchased before I got monetised so I don't think I can include them as expenses
thanks..
Great info! Just one question if someone can answer. To receive the very fist payment from Google AdSense asks me to provide tax information. Does it mean that I HAVE TO register as self employed before I start to earn any money? Thank you
You can get a unique tax reference (UTR) number without being registered for self assessment iirc you need a passport/photo ID for this. This is also how you log on to your government gateway to check things like NI contributions.
I believe this number is sufficient for YT although if you do blow up and wish to change to a limited company it becomes more convoluted. At least that is what I read in regards to kindle direct publishing. Gl
Hi! Brilliant video. Like from me. Quick question if you could help please. I am employed full time and earn over £45,000 per year. However my UA-cam income does not exceed £1,000. Do I need to complete a self assment? I also have registered my UA-cam as self employed.
Hi, just found your channel🥰❤️ I have a question regarding the taxes. For example, I earn money for a year or two, lets say between 3000-6000$ a year and I didn t know I must register myself as self employed and then I decide after this period of time to register as self employed. Do I need to start paying taxes from that moment as I registered as a self employed or I need to pay taxes even for the previous year when I did not pay? and if I don t pay for the previous years what can happen?
If you are in the UK, HMRC will request you to Submit a Tax Return for both of the previous Tax Years that you had the 3000-6000$ income a year as Self Employed. You must send a tax return if, in the last tax years (6 April to 5 April) you were self-employed as a ‘sole trader’ and earned more than £1,000 (before taking off anything you can claim tax relief on). If you are late in submitting your Tax Return, HMRC will fine you unfortunately. So the sooner you solve this the better. The good news is that The standard Personal Allowance for last 2 tax years was £12,570, which is the amount of income you do not have to pay tax on, but you still need to submit a Tax Return. If you need help send us an email info@tax2u.co.uk with your details.
Can you help with Google AdSense tax info update for UK (Ltd) so far most videos on UA-cam only cover tax registration for individuals not companies
hi , great info, just one question, i am a pensioner and get a private pension which is taxed automatically through payee, as my pension is above above my tax free threshold, do i have to do anything even if my YT earnings are under £1000
would appreciate your help
regards K
If your total earnings from UA-cam are below £1,000 then no you wouldn't need to do anything. If YT earnings exceed £1,000 then you would need to register as self employed and complete a tax return.
Great video thanks! If I have a full time PAYE job does HMRC look at my total income? eg if I earn less than £1000 from my youtube channel would they still need to tax it because of the income from my PAYE job or is the 'sole trader' part of my life completely separate?
No, If revenue from youtube is below £1,000 then it doesn't need to be declared to HMRC. it doesn't matter how much income you have from self employment.
@@tax2ulimited great stuff, many thanks
How about I’m a full time housekeeper, and just new monetise, my employer pay my tax, is still allow to declare my revenue from yt?
Hi, do you have a UA-cam channel as well as PAYE? I want to start youtube but unsure about all this tax stuff.
Great video mate just wondering When I'm doing my self assessment return is it from April to April from the previous year?
Yes if you are doing your 2022-2023 Tax Year Tax Return will be with all income from 6th April 2022 to 5th April 2023 you have time by 31 Jan 2024 to have it submitted to HMRC in order to avoid late penalties. If you do not have a UTR number yet, you need to apply for one asap, before 5th Oct 2023 , here is a link bit.ly/utr-number
Would you have to declare if you sold some of your own clothes on Instagram or depop?
Thank you for the video! However i am in very different camp: I have work visa and am fully employed and my tax is PAYE automatically deducted. So I am not sole trader, i have no company of my own, at all. how would then i declare my taxes in this case? thank you
Work visa implies not a UK citizen? It will then depend on your own country's laws in respect to self employment and taxes is my understanding. If you have a UK Unique Tax Reference number you can use this to log onto a government gateway account which allows you to fill in a self assessment with the relevant details.
I run my UA-cam as a Hobby, my UA-cam channel is going to continue to make a loss as i spend some of my full-time employment money doing what i enjoy on UA-cam.
Will HMRC get upset if my business makes a loss year after year after year?
What about VAT? Would we be liable for paying VAT for earnings from UA-cam, which I believe is payed from Ireland.
Not unless you're VAT registered. Even then you would need to consider the source of the revenue (like you say)
so if my gross income was only 688 i dont need too report too hmrc?
If I use my dads Adsense account my UA-cam earnings will legally be his, how will this effect his tax on top of his earnings from his job? What’s the best thing for a 16 year old to do, I have my NI number but can’t have an Adsense account yet. Could I set up a company that has an Adsense account? Thanks.
Can u help me please? UA-cam sent me an email about tax or something.. but i havent earned £1000 i have only earned like £45 so cant cash out or anything i am on universal credit what do i do? Do i fill in the youtube tax form? And give my NI number? Im so confused
That is probably a US tax form as I received one recently as well. I haven't done too much research into this yet but it's likely that if you don't reply then UA-cam will start to withhold some tax on any revenue that is generated from US viewers. Depending on how many of your viewers are based this may or may not have an impact on your income.
I have a full time job under an employer (so not self employed) does this £1000 guideline still apply for the side income on UA-cam? I think someone asked this on another comment but it mentions self employment.
Really helpful video btw you got my sub as this kind of content is gonna be beneficial to me soon.
Yes it does still apply to your youtube income in that situation. Thanks for the sub
@@tax2ulimited Sorry for piggybacking of this comment but I am a bit confused. So I work full time with a company and they do all the taxes for my full time job, I recently started Twitch and have earn some money. So if I have not earn over £1000 from Twitch, I don't need to declare it? (I'm from the UK also useful video, it has cleared some questions)
If you start your channel as an individual/sole trader and then decide you'd rather have it in a UK Limited Company Structure, is it easy to move it into LTD ownership without having to start a whole new channel?
I think it will not be easier to start a new channel, just register the LTD and continue with the same channel.
can I ask you, where do I have to declare taxes if I am a travel youtube?
You normally need to declate your income and pay tax on it, on the country you are a resident. You can live abroad and still be a UK resident for tax, for example if you visit the UK for more than 183 days in a tax year. www.gov.uk/tax-uk-income-live-abroad/uk-resident
Do i need to pay money for the UA-cam if i didn't receive any income 🥺 plzzz i need an answer thanx
If I have a full time job working for a company. And my UA-cam looks to be making more than 1000. How does this work?
You would usually need to complete a self assessment tax return and detail both sources of income. You should have already suffered tax on your employment income so it's just a case of whether any additional tax is payable on the youtube income.
@@tax2ulimited thanks for getting back to me. Do you advise still registering as a sole trader then?
hello thank you very much very good video. I work full time. I have a small UA-cam channel. For 1 year I have an income on UA-cam of 500 pounds. Should I not pay taxes on UA-cam? thank you very much for your reply. I live in England
If you total income from Self Employed is under £1000 you do not need to pay tax on it, you can check more here www.gov.uk/set-up-sole-trader
If you’re earning money from UA-cam but you’re from the UK does it count as foreign income? I’m stuck! 🙏🏽
No it counts as UK income. If you need more help just sends us an email to info@tax2u.co.uk and we can provide a competitive price.
Im pretty new to UA-cam but I was wondering if selling merch would register as an income via UA-cam? (Monetising so to speak)
I’m more than happy to declare this but from a relief point of view would this technically mean UA-cam would be an income or is it more ad revenue and affiliate links?
For HMRC it does not matter how you call it, Ad revenu, affiliate income, monitising anything that brings you income, if it is more than £1000 per tax year, it must be declared through Self Assessment you can check more here on HMRC www.gov.uk/check-additional-income-tax
yeaaah imma not report that on the low key lol
what if you do a guvvy job? :p
Turnover or profit?
You need to declare your full year Turnover - expenses, and you will pay taxes on your Profit
Mind sound dumb but is this the same as twitch
Yes, same rules would apply
That is one of the saddest thumbnails I've ever seen, he looks like he's ready for Mandingo
Or you can just learn real law and see that income tax is unlawful and we shouldn’t be paying it, the more people that learn about this the better.
so how do u beat that legally ? or are u american and think ur laws apply everywhere??
@@RTJ3DCosplay why you being rude for?? learn to use government legislation against them, educate yourself on real law too, do some research all the info you need is out there
@@RTJ3DCosplay and no I’m not American I’m Scottish but unfortunately live in England due to my partner being down here
@@Awakend7 thank god ! U had me worried for a second there, when u said u wernt american i was afriad u actualy went dumbthen u reassured me that ur scottish so we are good lol
LINK IT THEN
@@RTJ3DCosplay you seem arrogant, I’m not sure I want to help you