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mreco
Joined: 12 Mar 2009
Posts: 1146
Location: Hampshire, UK
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Posted: Wed Jul 22, 2009 9:41 am
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please dont tell me i should read the whole forum, ive only got a few minutes, and yes the government lied... tax IS taxing, unless your an accountant.
1. Is sorting this tax thing out going to cost me anything? im a individual in the UK, who doesnt make much in stock.
2. If i do nothing do i just lose 30% of whatever i get on payout day?
Thanks for any info if you have a grip of all this.
simon |
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mackin43
Site Admin
Joined: 20 Mar 2008
Posts: 427
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Posted: Wed Jul 22, 2009 9:47 am
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1. No, it shouldn't (unless you don't do anything). You should read through the tax center, determine which category you fall under, and submit the appropriate form. I don't know your details, but if you live in the UK and submit as an individual, it should not cost you anything.
2. No - only 30% withholdings from US-sourced income.
| mreco wrote: | please dont tell me i should read the whole forum, ive only got a few minutes, and yes the government lied... tax IS taxing, unless your an accountant.
1. Is sorting this tax thing out going to cost me anything? im a individual in the UK, who doesnt make much in stock.
2. If i do nothing do i just lose 30% of whatever i get on payout day?
Thanks for any info if you have a grip of all this.
simon |
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mreco
Joined: 12 Mar 2009
Posts: 1146
Location: Hampshire, UK
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Posted: Wed Jul 22, 2009 9:54 am
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Thanks Mac,
Point 2 is interesting... do you mean id lose 30% of income from any image i sold to a US resident only? I know we dont know who or where buyers are so it could be 100% US for all we know. |
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tugmistress
Joined: 22 Jul 2005
Posts: 198
Location: Scotland
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Posted: Mon Aug 03, 2009 2:54 pm
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| mackin43 wrote: | 1. No, it shouldn't (unless you don't do anything). You should read through the tax center, determine which category you fall under, and submit the appropriate form. I don't know your details, but if you live in the UK and submit as an individual, it should not cost you anything.
2. No - only 30% withholdings from US-sourced income.
| mreco wrote: | please dont tell me i should read the whole forum, ive only got a few minutes, and yes the government lied... tax IS taxing, unless your an accountant.
1. Is sorting this tax thing out going to cost me anything? im a individual in the UK, who doesnt make much in stock.
2. If i do nothing do i just lose 30% of whatever i get on payout day?
Thanks for any info if you have a grip of all this.
simon |
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just reading this as finding longer threads confusing - do we actually have the option of doing nothing? i've tried filling in the form and no idea what to put in line 6 or whatever it is - it says read guidelines but that's all gobbledegook to me! |
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mackin43
Site Admin
Joined: 20 Mar 2008
Posts: 427
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Posted: Mon Aug 03, 2009 5:04 pm
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Have you read through the tax center? That should help you determine which form you need to fill out.
If you have any questions regarding the forms, feel free to ask them here or email taxhelp@shutterstock.com.
-jm
| tugmistress wrote: | | mackin43 wrote: | 1. No, it shouldn't (unless you don't do anything). You should read through the tax center, determine which category you fall under, and submit the appropriate form. I don't know your details, but if you live in the UK and submit as an individual, it should not cost you anything.
2. No - only 30% withholdings from US-sourced income.
| mreco wrote: | please dont tell me i should read the whole forum, ive only got a few minutes, and yes the government lied... tax IS taxing, unless your an accountant.
1. Is sorting this tax thing out going to cost me anything? im a individual in the UK, who doesnt make much in stock.
2. If i do nothing do i just lose 30% of whatever i get on payout day?
Thanks for any info if you have a grip of all this.
simon |
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just reading this as finding longer threads confusing - do we actually have the option of doing nothing? i've tried filling in the form and no idea what to put in line 6 or whatever it is - it says read guidelines but that's all gobbledegook to me! |
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tugmistress
Joined: 22 Jul 2005
Posts: 198
Location: Scotland
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Posted: Mon Aug 03, 2009 5:40 pm
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for the headache that lot has given me you can keep the 30% of US earnings!
it's all double dutch and i have no chance of understanding it. i'm lucky if i get a payout twice a year so it wont make any difference to me. |
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danielmouritsen
Joined: 20 Mar 2009
Posts: 18
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Posted: Wed Aug 05, 2009 3:25 pm
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| mackin43 wrote: | Have you read through the tax center? That should help you determine which form you need to fill out.
If you have any questions regarding the forms, feel free to ask them here or email taxhelp@shutterstock.com.
-jm
| tugmistress wrote: | | mackin43 wrote: | 1. No, it shouldn't (unless you don't do anything). You should read through the tax center, determine which category you fall under, and submit the appropriate form. I don't know your details, but if you live in the UK and submit as an individual, it should not cost you anything.
2. No - only 30% withholdings from US-sourced income.
| mreco wrote: | please dont tell me i should read the whole forum, ive only got a few minutes, and yes the government lied... tax IS taxing, unless your an accountant.
1. Is sorting this tax thing out going to cost me anything? im a individual in the UK, who doesnt make much in stock.
2. If i do nothing do i just lose 30% of whatever i get on payout day?
Thanks for any info if you have a grip of all this.
simon |
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just reading this as finding longer threads confusing - do we actually have the option of doing nothing? i've tried filling in the form and no idea what to put in line 6 or whatever it is - it says read guidelines but that's all gobbledegook to me! |
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It does not, however, tell you how to get a W-7 form which people in the UK can use. The one on the IRS website seems to be for US citizens |
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kelvin7834
Joined: 25 Aug 2011
Posts: 1
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Posted: Sat Aug 27, 2011 10:39 am
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I am British, still living here in England.
I was also wondering about how to obtain a form for this country?
I am new to this site, so still finding my way around. I did notice in the tax section about forms for USA, but did not notice anything mentioned about UK, but not sure if I was looking in the correct place, or if it is the same form for USA as it is for UK?
Kelvin |
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dpimborough
Joined: 18 Aug 2011
Posts: 26
Location: Wrexham. United Kingdom
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Posted: Wed Sep 07, 2011 3:29 pm
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| kelvin7834 wrote: | I am British, still living here in England.
I was also wondering about how to obtain a form for this country?
I am new to this site, so still finding my way around. I did notice in the tax section about forms for USA, but did not notice anything mentioned about UK, but not sure if I was looking in the correct place, or if it is the same form for USA as it is for UK?
Kelvin |
Theres a form in the Tax Center called W-8BEN http://submit.shutterstock.com/tax_center.mhtml
As the UK has a treaty with the USA you get 0% tax on earnings in the US for Royalty Income. However watch out for the British tax man as you'll most likely have to declare earnings made overseas.
The question no. 10 stumped me but the treaty Article is 12(1)
Hope that helps |
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