Author Topic: TAX in the UK?? (Read 3736 times)

stokfoto · « **on:** April 11, 2009, 18:51 »

Can anyone please tell me what is the tax process is like for (micro) stock photography earnings.I am about to set up a business in the UK as self-employed and I would like to know how I could prove my microstock earnings. I use paypal as payment method and the money will be transferred to a UK bank. Would it be enough to send the print outs of my pay-out reports and paypal transaction print outs to tax people?? ?

I have checked an older thread here but I am not sure if got the answer there.
http://www.microstockgroup.com/istockphoto-com/british-student-loans-nightmare-istock-and-maybe-even-tax!-(/

thank you very much for your help in advance

RT · « **Reply #1 on:** April 12, 2009, 04:05 »

Quote from: stokfoto on April 11, 2009, 18:51

Can anyone please tell me what is the tax process is like for (micro) stock photography earnings.I am about to set up a business in the UK as self-employed and I would like to know how I could prove my microstock earnings. I use paypal as payment method and the money will be transferred to a UK bank. Would it be enough to send the print outs of my pay-out reports and paypal transaction print outs to tax people?? ?

I have checked an older thread here but I am not sure if got the answer there.
http://www.microstockgroup.com/istockphoto-com/british-student-loans-nightmare-istock-and-maybe-even-tax!-(/

thank you very much for your help in advance

You can download your paypal stats onto an excel document which is good enough for your records. By the way you don't have to send any supporting documents in with your tax return, but you do need to keep them for six years in case you get inspected.

stokfoto · « **Reply #2 on:** April 12, 2009, 04:27 »

Thank you so much Richard!
I appreciate your help.

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Author Topic: TAX in the UK?? (Read 3736 times)

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