The Shocking Story of How I Forgot to Pay Tax on My YouTube Income
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- Опубликовано: 5 окт 2024
- In this video, I share my experience of forgetting to pay tax on my RUclips income. I talk about how I realized my mistake, the steps I took to fix it, and the lessons I learned. If you're a creator or small business owner, it's important to stay on top of your tax obligations. Watch the video to learn from my mistake and avoid making the same one yourself. Not financial advice; just my experiences and advising you to declare your income!
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#youtubetax #incometax #taxmistake #smallbusiness #creators #taxlesson
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Please watch: "How much money do I earn from RUclips with 30k subs"
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Hi Jake, I’m a financial advisor and you do actually need to pay Class 2 NICs - it’s not voluntary.
It’s payable at a flat rate and goes towards your contributions for state pension entitlement.
You may also have to pay Class 4 NICs as a self employed person but only if profits exceed certain limits.
I think the one you’re thinking of is class 3 NICs which are voluntary but only payable if you’ve missed a year of paying standard class 2 or if earnings are below a certain threshold.
Just thought it was worth mentioning - really enjoy the videos 👍🏼
And this why I'm not a financial advisor! Thank you :)
jezzdude107 hi I’m in need a financial advisor, be in touch pls 🙏🏼
Class 2 NICs are voluntary if you're earning less than the small profit threshold, currently £6365. You used to have to apply for an exemption, but these days they seem to assume you don't want to pay them unless you have to. However, this can affect your future entitlement to pensions and benefits.
He has a full time job as a Computer Scientist, or similar, so presumably all of his Single Tax Allowance is already being used up. The percentage he pays will depend on his total combined income any particular Financial Year.
@capspread You are not required to pay any NIC's as a pensioner.
I can imagine ending up in the same situation via the same logic. Respect for your honesty and humanity. x
Absolutely howling "I chose a one with a nice name coz that's very important" hahahaha love your sense of humour
I followed your tax advice and I'm now incarcerated in Alcatraz. Thanks:(
🤣🤣🤣🤣🤣🤣
It must be awfully lonely for you there!😁
Having been self employed for most of my working life, I am not surprised at all but this attitude and general way of thinking that "we don't have to pay tax because bla bla bla". It shows a real problem with our education system. When I was at school there was absolutely zero teaching about anything financial and I think this is also the reason that we now have a generation of people with huge credit card debts etc. Great video and general content by the way! Thumbs up from me.
We teach it now at Secondary School, but the fist question some students ask is 'How do I avoid paying tax?'!! or, 'if I live out in the sticks do I still have to pay tax?', so I'm guessing a lot think that if they earn the money online they don't have to pay tax. None of us really like paying it, but most do and understand why.
There is a book called rich dad poor dad which should be a compulsory read in schools . The thing is schools are there to train us for a life of living from pay check to pay check and only living for the weekends . The system needs us all to stay in out boxes , build up debt by getting stuff on credit and weighed down with huge mortgages . Buying a house is everyone’s biggest liability!! It ain’t no asset
What I have a problem with is, its become too difficult and costly just to start something that could have no benefit and huge losses
Ah yes, thanks for reminding me why I never bothered starting any hobby-businesses. All that effort and 40%+ straight out of the window. Truly the things that never get done because of this are Bastiat's unseen things.
You can earn up to £12,500 in the UK before paying tax (2019-20)
He had another job where his allowance was all used up.
You still have to register Self-Employed and submit a tax return though. Just no tax will be due if you earned under £12,500
But if you are self-employed, National Insurance cuts in at £6,365.
1) I think he has a day job. Got to pay for that Poole Pottery somehow.
2) The fact that your tax bill will be zero does not mean that you don't have to declare your income from self-employment.
@@ArtJourneyUK just declare youself as self employed then saves you filling it in
In the US we have to declare self employment earnings if it's more than $500. We don't have to pay into the government pension like you do but if we don't, it affects our ability to get social security payments from the government when we retire. It's based on what we paid in. It's sneaky when you first start like that when your income is so low. I also thought my small income could go away at any moment so why worry about it. Luckily I had an accountant friend who educated me on it.
I'm confused because I thought you also earned money from being a Ronnie Corbett impersonator?
Looool, every so often the RUclips comments aren't a trash fire and are actually funny. This was gold, thank you 😅🤣👌
Hi Jake, I’ve watched a few of your videos and find them interesting... I’m wanting to start on RUclips myself and your videos are helpful and realistic... keep it up! Btw I just subscribed lol
I got a shock the first time I payed taxes for my RUclips income. I thought the tax rate would be around 34% (which is the tax for a normal employment here in Sweden), but it turned out to be almost double that at around 65%. Which can also increase up to around 90% depending on how much you earn. So if you live in Sweden like me, don't bother trying to earn money on RUclips.
@@pittapatta5030 How much tax do you pay there? : )
@@pittapatta5030 He earns so much that he would get rich even with 90% tax. I don't. ; )
Good job, quite a story, thanks for telling it. In the USA any income is taxed. there is 2 taxes for those self-employed. 1) is the tax on your income ( there are brackets to tell you how much) typically 28% or higher) 2) the other is the medical, unemployment tax (called FICA) which everybody who receives a paycheck as an employee (15%of your income) and as an employee your employer pays an additional 15% FICA. Since, as a self-employed person, you are both the employer and employee your tax bill is 30% of the income you earned. So, in the US before deductions and expenses were liable for about 60% in taxes. If you can itemize your tax return (most businesses can) there are so many deductible expenses that your total tax burden is between 30 and 60%. As an example; here are a few of the deductible expenses, your accountant, your equipment purchases, car expenses, convention expenses, and even some of your home (including phone) are deductible as expenses to the business. The way we handled it was to immediately split the income upon receipt into two bank accounts. One for FICA the other for personal income. The personal income is paid yearly while the medical (FICA) is transferred into a government account quarterly. Called the Federal Tax Deposit (FTD). Once a year Federal taxes sum up the yearly picture. Usually, the result is you have put too much money into your personal quarterly tax payment, so there is a small balance, which we found is better to leave it alone for emergencies in the future.
yeah one of the questions they ask on the self assessment tax return is if your self employed and if you've earned more than 1000 pounds
You can claim the £1000 trading allowance instead of your expenses, not both. You are also allowed to earn under £1000 without having to register self employed as HMRC would consider it a hobby.
I take it this £1000 is if that is your only income....If you have another proper job than you couldn't... not sure
Oh dear, it turns out even having to think about this stuff is enough to beat the enthusiasm for doing anything out of me.
@@RobFisherUK As HMRC once advertised "Tax does not have to be taxing".....Well, they got that wrong.
I have a main job, and youtube is my 'hobby' I have just started getting paid..around 70-80 a month (have only got 2 months paid to me so far) will i have to set up being self employed alongside my main job? or wait until i earn over 1k from youtube until i have to set up being self employed with HRMC?
Great advise! I hope to actually get to the point on RUclips when paying tax will actually be an issue!
You still need to file a return even if you're not earning enough to owe any tax.
😂😂😂. I love your video's and your British dry humor 😁😁😁. I'm from the Netherlands
We British have dry humour, not dry humor.
@@jdb47games 😂yes you are right. Humor is the Dutch word for it 😁
Loved the video. I'm an Enrolled Agent, a U.S. designation given by the Internal Revenue Service (the U.S. tax authority). I can only speak to U.S. tax law, but I encounter people every year that do not realize that there's not a minimum to cause them to have to declare income, or to which they have to pay tax, or the first thing about income and expenses. In the U.S., the I.R.S. states very clearly that taxpayers are to declare "ALL income from ALL sources worldwide". For self employment that also means ALL income and ALL expenses. It may be in the big picture that there is not enough taxable income after expenses, but it still has to be declared. Besides federal and state income taxes, there are also self-employment taxes, such as social security, medicare, and disability insurance. There are variations per state, as not all states have a state income tax, but this is the general rule. In the tax biz, we laugh inside when a client says, "but my friend told me that I..., so I want to go with my friend's advice rather than that of a trained expert".
If the tax isn't automatically pulled before your money is deposited, that wouldn't be fair or logical.
It should always be automatic.
@@CameronKiesser The taxing authority can't do that. The money that you earned does not go to the authority first, then doled out to you like an allowance. Your customers are not responsible to do that either. In the U.S., self employed people pay quarterly estimated taxes, and can send in estimated deposits more often if they choose. If a person knows that they cant be responsible to contribute on a regular basis, they can stay employed and let the employer take out payroll taxes.
I don't even live in the US, but don't some states there not have income tax? Like for example Tennessee?
@olivia-oz3qe You're thinking about State taxes. All US residents and ex-pats pay federal taxes.
@@CoyKoi57 Oh okay, thanks.
If your turnover is less than £85,000 you can file online without providing full accounts, all you need is to provide gross taking and expenses. If the amount you earn is less than £1000 in a year you don't have to file or pay tax on that. It may be advantageous to use an accountant as they will not miss things to claim as expenses you do.
Very good video. I never thought about what happens to the people that make money from these videos. The tax man is always behind you no matter where you live. Such a shame.
Not even 10 seconds in. LOVE YOUR VOICE.
OK, OK, I'll dive in. I've been evading too. Well, maybe not so much, my channel is pretty small so I only earned pennies. But lately my numbers are up a bit and I have no idea how this all works. So, yes, taxes, there we go. Thank you for explaining it all!
Google actually withholds taxes in the US so it is not something special we have to do for Taxes
Interesting story and helps other people to know how to pay the correct taxes on youtube.
I haven't dodged tax but I have a library book I've kept a few years past it's due date. I'm scared to return it now 😳
I had the same situation. It bugged me for years. One day I had enough, and went and returned it. Nothing happened to me. I don't think I had to pay any fees. So moral of the story, if your library book is past its due date, just keep it for years. You won't have any fees that way. But if its a few days late, you will have fees. Makes sense? It just does.
Personally speaking ... i think the UK taxman is very fair. Having lived in Europe , I can say for certain ,like the UK police ,the UK taxman is quite easing going...
In most European countries if you Dont declare your income for years... you can ,and probably will be fined , maybe even imprisoned.
In the UK ... if you come clean and be honest - they just ask for the tax - but no fines . They are quite reasonable as long as you don't deliberately try to cheat.
I found this to be the case. If you're upfront with them and you haven't been blatantly trying to pull a fast one then they'll be reasonable and quite friendly.
Another great video my friend. I’m a RUclipsr and half an accountant (still a couple more exams to go) and feel this video could be extremely helpful to RUclipsrs everywhere. Nice work
all those arnold swartzenegger soundboards!! was it you? be honest😀😀😀
Tim I think I actually bought a few 🤣
Good point :) - I think some people think that if they consider what they do a hobby, then they don't need to deal with it as if it were a business. In the states, if one receives a 1099, which is a form that a company sends to someone they've paid during the calendar year, then one is considered self employed. Currently the gross income threshold from all 1099s received in order to be required to file and pay taxes is $400. One year, I made $600 doing clickwork for several entities and had to file taxes. Because I had no expenses related to my 'business', I ended up owing over $100 in self employment tax. Another point too is that in the states, the self employed are required to pay their taxes quarterly after their first year in business. This doesn't include the state tax laws, which vary from state to state. :/
Same here in the USA. A business person can write-off so much here though. I rent/host a room via airbnb and write-off soap, electricity, toilet paper, heat, etc. for that room. Same percentage of tax too. We didn't fall too far from the apple tree.
You did the right thing in deciding to declare it when it got to a certain regular amount, but legally I'm sure there is no threshold below which you are not obliged to declare. If you are either: making money from an enterprise or attempting to make money from an enterprise, then you are supposed to declare it.
If it's a very small amount, I can't imagine the Revenue being very interested, and you're unlikely to be investigated.
Also, your accountant will find all sorts of things that you can write off against tax and you'll probably find that your hobby business is actually making a loss.
There's really no excuse for not registering as self-employed in the UK, where it basically involves a phone call and paying class 2 NICs, which are not a huge amount of money - about 12 pounds a month the last time I paid them, although I'm sure it's gone up. Think yourself lucky you don't live in Spain where you pay €300 a month for the privilege of being self-employed before you earn a single cent.
You get a thumbs up for the vase and colour scheme quip.
So for my car channel if I bought a $50,000 car and spend $25,000 in modifications, do I get money back from government because there is possibility to make sneaky $20 a month ??? lol
Thanks and also I like the ads strategy :)
I've been self employed since I was 17, now 49 and it can get a bit worrying dealing with the Tax authorities, I'd always recommend an accountant, it takes the stress and worry out of it, they can check it over and make sure it all adds up correctly. Really if you're doing it right, pay your taxes you shouldn't worry too much. But you do need to read up on the basics before you start, if you earn it you've got to declare it, and as someone else has pointed out if you had done it correctly you wouldn't have hit the threshold anyway and the only thing you'd need to pay was your National Insurance Contributions and the accountant.
Your "hello there" is very sneaky
My wife wants Jakes " hello there" as a ring tone, Jake sort it out please ..
in my country sooner or later tax office will send you a letter with the full price and extra fee for being late, and if you ignore it, next will be invitation to jail.
You are to be commended for your honesty its something to be cherished. Also it’s a credit to how you were raised. To know you have done something wrong and by correcting on your own, it is to show you are a loyal subject of the Crown. As I get to know you through your channel I can see why your fiancé was attracted to you. She appears to be a lady of standard also. Yes we have to pay tax on any money earn after a point which is above the poverty level.
I was raised to be a loyal citizen and to follow its laws. So paying taxes to me is not only my duty, but a privilege for living in America. My taxes support not only my local police, fire, and other local services, but my country in general. Yes a lot of the tax money is wasted, but that is why I vote (as I’m sure you do). Yes, I’m a conservative Republican, and a Born Again Child of God, so I’m considered a enemy to those liberal who would burn me at the stake if they could.
PS Your Wednesday video were interesting and I for one thank you for them.
You know Dr. Jake, this isn't all together very British, it happens everywhere.😁.😆.😂.
I love your videos, especially your lego ones!
I’m nervous to see what I get taxed with RUclips. I made $2k on my channel this year. Hopefully they don’t kill me
Avoid or evade ?
I am sure you can offset a lot of bills against your pennies
maybe 10% at max for dr jake as in proportion to overall bills. he might be able to claim 5% as it a small amount of electricity. Yes you can push the boundaries but HMRC will see you as a tax dodger if you try and pull a fast one and fine you.
State-side they're well aware of those schemes, and you're likely to get audited by someone who has already audited dozens of youtube channels. They'll disallow the electric-bill deduction for your computer (because you also use it for Warcraft), and they'll get the money back. Particularly if you are trying to do this yourself.
British tax system sounds rather complicated and beurocratic. Why can't income just be income taxed? Regardless of where it comes from?
Love the angry vase. (Looks like a Monkey Dust cartoon character.)
You are absolutely required to file taxes on all income (including gifts) over $5k in the United States. Here, as a private contractor, you are encouraged to set up a Limited Liability Corporation (LLC) to protect personal assets from seizure, and so that you can qualify as a legal entity for an employee identification number (EIN) so that all of your income becomes business taxable.
Hi Jake,
Very informative! When you say you should be registered with the tax office, I wonder if the date should be when you start your RUclips channel? Or when you actually monetize the channel???
As like every you-tuber I have started my channel not too long ago, but it will be ages before I will be able to monetize. If ever...
Very late to the party so sorry if this isn’t news but I’m a CA:
The £1,000 you mention is the Trading Allowance. It basically means if your income is less than £1,000 then you don’t have to register this income on a tax return and it’s tax free. If your income is more than £1,000 then you can either deduct £1,000 from your income or deduct expenses. So if your expenses are less than £1,000 you definitely would. Also, any one off big wins like one video a year that earns £10,000 would definitely be eligible just as any other - unfortunately no freebies haha
Dr. Jake, I am an American (as you Brits refer to us), and I assure you that we have to account for ANY income as part of our income taxes. Of course, if a person (or family if they file jointly) is below a certain dollar amount, there is no taxes levied. If it is a second job, such the one I have teaching another one of my 'Very American' hobbies (which is all I will say about that here), then I am best-off filing a US Tax 'Schedule C' as part of my taxes, which allows me to reduce those earnings by any associated expenses, in a similar way that you described in GB. I am NOT YET able to monetize any of my RUclips videos (since I am still below the start-up thresholds of 1000 subs and 4K minutes viewed in the 12-month period), however if I ever do get anything from my YT Channel, I will need to add that to my Schedule C and pay approximately 28% of that income (after expenses) to the US Treasury :(
Thanks for the 'Heart' Dr. Jake. I applaud your RUclips success and hope to get in on the party soon.
I watched your Wednesday vid! I’m enjoying the informative vids. And the thumbnail was cute as hell haha
I look forward to your “hello there” in every video. In the US we have to pay taxes on everything and we have to pay for our health insurance and college too. :(
Very interesting video!!! I see this video making big money now as it was not boring at all... I white listed you as well😊
In the US youtube earnings could fall into a hobby classification. You still have to pay taxes on the income but do not need to file as or set up a business so long as your primary income is from an unrelated source. If your youtube income surpasses your primary income you'd want to file taxes as a business so you could take advantage of tax deductions not offered to hobbyists.
Tax laws in the US keep changing, but in general, you do have to declare income greater than a certain amount (the amount is dependent on a few things). You don't have to register as a separate tax entity for being an independent contractor (which RUclipsrs are classified as unless they incorporate as a business). At a certain income level, and probably before you hire someone, I would suggest talking to a business accountant about setting up an LLC, or the like, to separate your finances from that of your business.
But I'm no CPA, just a know-it-all who reads a lot. Always talk to tax professional for advice before making big decisions.
One of the best vids you have done so far
Just a thought Jake, please can you do a video of how much money your old videos are earning you, like evergreen videos and passive income? Thanks, Jules.
10:42 That's correct. Trivial miscellaneous income below £1,000 is not taxable.
If you are trying to translate the word, nothing in French is rien.
Zero is zéro
How much money did you earn? In total
In Germany, in the country I live, you don't pay taxes if you receive less than 8000 euros per year.
You might pay taxes, but almost nothing. Maybe 100 hundred euros or less a year.
It's quite complicated. If you are self-employed you don't ever know how much you earn per month.
I suppose you don't pay the same amount of taxes per month or per year.
If you earn money on a regular basis, you have to pay taxes, nevertheless, if you only make money twice or maybe 3 times a year, you don't need to pay taxes.
Yes Americans do have to pay taxes on any income earned. There is a line on the return for "additional income" which RUclips would qualify.
That's of course if it is secondary income, if it is your primary income or even significant income I would say consult a tax advisor.
You are able to earn up to £11500 for the year ending April 2019 any money above that limit you pay tax on in the UK. National insurance is another matter and usually costs around £400 per year. Great videos your putting out man
That´s your best video so far, you are so funny, I like your way of making videos! Good job :)
Great insight! Not that i will at the point of making money off youtube any time soon, its good info to know!
Dr. Jake, that scratch on your nose (that I couldn't see) is so gangster!
We were recently asked if we pay tax on our Patreon income. Yup.
I hope it was a significant sum. as that means you are making oodles :) Which you deserve!
@@Leonard_Smith haha... Sadly not. Getting there slowly.
Having just started my own business, the whole tax issue was one I knew I had to deal with before I began. It's still scary though.
Yes you can either claim £1000 self employment trade allowance or claim your expenses, obviously just work out if your expenses are over 1k and if not just claim the allowance
8:45 Class 2 National Insurance is only voluntary if your profits are below £6,365. Your accountant is right that you should not challenge paying it, as it counts towards your state pension, and in the long term will earn you far more than it costs.
Remember though, I have a full time job as well and I pay NIC on that. For the years in question my profit was less than the threshold. I’m not sure I’ll benefit at all!
I live in Norway and here we can make up to 4868£ before having to pay tax.
I started a media company in 1999 that is still registered in the business registry in Norway. After a couple of years I got letters from the tax department saying I needed to fill in my tax forms. I did a little research I found out I was making less than the required amount. So I sent them a letter stating how much I made and never heard from them again.
In the USA, you absolutely are required to pay tax on things like that. If you pick up a penny off the ground, or your grandmother gives you a tenner for your birthday, you are supposed to put that on your taxes. Obviously most people don't report things like that and the IRS doesn't generally nick pick on minuscule things like that if you're otherwise paying your taxes, but legally you're supposed to. There are limits, minimums, exceptions, etc. of various degrees where if you don't make enough money you don't need to pay taxes on it, but generally speaking if a dollar comes into your possession by any means, over half of it belongs to the government. While I know a bit about taxes and even file for other people, I'm not sure where the cutoff for having to become 'self employed' as opposed to just using the 'other' box comes into play if there even is one. Obviously there are tax benefits to being self employed, but there are costs too. I assume for many people it's more beneficial to just pay the self employment taxes, but for others it may not be if they legally don't have to.
Very informative 👏 👌 👍
I find your dry ENGLISH humour hilarious :))))) Not to mention your quirky self awareness. You actually have the makings of a comedian in a lot of ways. Pewdiepie made a similar transition with his dry no apologies approach to comedy. It's not something one can force. It's just a natural personality trait that makes some people funny :))))) Of all the RUclipsrs I watch. I actually watch ALL of your content. Keep em coming. Thank you for your lightness. It's refreshing.
Can't escape the long violent arm of the government. Never forget your oppression.
Jake, can you do a review/ build of the kinetic Lego’s? I follow a couple but they don’t go into how to get the pieces/ build. JK brickworks has a few. Not sure if it’s your cup of tea.
Wow seems like you have actually managed to make money online! I want to get into apps and RUclips soon! Hopefully I can similar success. I’d be happy with a few dollars here and there!
Not worth arguing about income tax because the more you pay in tax, the more money you made
When I registered as self employed, I had to pay for the year gone obviously, but ALSO in advance for the year ahead, based on HMRC estimate. 😵
State-side RUclips reports all $ paid on a 1099 of some sort. It is probably a 1099-K, but it could also be a 1099-MISC. Either way the IRS gets a copy, and when you file your US income taxes that number from RUclips better be there. It goes on a Schedule-C (the business form), and that profit number flows to the Schedule-SE so that various old age programs (ie: Social Security, which is the national retirement plan, and Medicare, which pays for health care for over-65s) can be funded properly. The Schedule-SE is going to be taxed at a flat rate of 15.3%, and also (minus a self-employed deduction of half of what you paid on the Schedule SE) goes into your total income to calculate tax.
This comes from a table, the first $12k for a single person with no kids is 0%, then some number of dollars (IIRC $9,350) it's 10%, then there's a 12%, etc. Since your RUclips income is likely in addition to your work income, you will be paying your highest tax bracket on it. If you're making serious money on RUclips you have three options: have estimated payments set up so you already paid the tax, have a nice little bank account where a third of your RUclips check lives until tax payment time, or be willing to pay everything you owe late with interest.
Any income above $600 associated with a company that does business in the US will come with a 1099, that will also be sent to the IRS. So your Amazon affiliate link, sponsored vids, merch sold by some t-shirt shop, etc. All those 1099s go on the same Schedule-C because they're the same business. Your other sidelines/businesses/Uber money go on their own Schedule Cs.
its very easy to pay no tax you just have to show expenses such as a printed invoice from i can fix anything laptop repairs for any amount you want, not your fault that place doe not exist they are the ones not registered you didn't know that when you saw there add to fix software problems on your laptop in some random shop window
Hi Jake, you were lucky to not get a fine. Two certainties in life, death and taxes😕 however I don’t pay tax from my you tube income because my Channel is probably worse than your app making episode, thus no income, I’d love to know how to make it better though.
What if you only just got monetised and some months you don’t even get paid at all?
If you make money from youtube you do need to report it as income and may need to pay taxes on it. I'm an EA if you have any more tax questions.
I love that "Hello there"
I spoke to a HMRC rep on twitter and they told me I could earn a grand a year without declaring it. Also, I believe that if you form a limited company and give yourself an employee title such as CEO then you would give yourself a salary. Then you would only pay the huge employee tax on your salary and the rest of the money belongs to the business
Hi Jake, a challenge for you!
Seems to me you’d be perfect at getting to the bottom of the moving iPhones issue. You know, the one where iPhone X and above, move on their own and fall off things? People who ask why it’s happening online seem to be ridiculed for asking & told it’s because of vibration from notifications etc. Well, I’ve just watched one of them fling itself off the table (before that it dived into a cup of tea) without once being activated by a notification or anything else, and enough is enough!!! I’ve heard of them sliding off wireless chargers. Nobody seems to know why, though. Just ridicule and guesswork. You’ll probably be able to retire on the proceeds of the video if you can fathom it!! It’s not as though they are inexpensive! Thank you.
Former accountant here, this is not tax advice!
It might be useful to register even before you start making money because you can record a bunch of set up costs and loses to offset for future years. Also HMRC work on these things call "badges of trade" which are used to decide if something is a hobby or trade you wouldn't need to declare a hobby.
Thanks, just registered and listed "Dean Sturgess" as not my tax advisor ;)
Dr Jake; so... google simply pays you and it's up to you to declare it to HMRC? That's why they didn't know at first? Or does google also report to the tax authorities that you received money from them... be it a tiny amount or more??
Every advert during this video was finance related! That's supprising
And those ads typically pay out well, better than say ads for grammarly and wix, so he's quids in!
@@niceguysi394 I have no problem with that
@@TheLoxxxton no, good for him.
Love your sense of humour...Sleepless nights..
So even if I'm employed full-time I need to class myself as self-employed with HMRC? I've just been piling up money in my Adsense account because I don't know what I'm supposed to be doing lol
Or set up a limited company and pay less tax
Do viewers see the same ads when watching your videos? The first time I watched this video two ads were shown. I can't recall the first one, however, the second ad was for Quikrete concrete mix. I watched the video a second time and the only ad shown was before your video started (The Michael Knowles Show). Apologies for being off topic.
Have you ever ran across ausini brick trains? They have single sleeper tracks, have their own designs, and can be attached to Lego Power Functions. What is you take on them?
Your funny but very enjoyable, great channel, 👍
7:21 Not quite. You capitalise and depreciate assets over a certain value and claim only the depreciation for the applicable period against your income to reduce your tax liability. The next financial year, you do it again with the newly calculated depreciation for the applicable period. And you only ever recover the equivalent marginal tax rate of the asset i.e. if your tax rate is 22%, you only get 22% of the cost back. The other 78% comes out of your own pocket.
I didnt pay tax on Ebay earning ...then government came knocking ..after fees and fines back interest I paid penalties that amounted to 71% of the unclaimed earnings ... they will catch you...they will spend 100000$ to recover a 1$
Another very interesting vid 😁
I'm know where near making money on RUclips yet but how would it work with as I have a full time job that I already pay tax on? sounds like it could be a pain !!!
It's not a pain if you do what he says, and hire a chartered accountant to do it. All you have to do is provide the accountant with the relevant information, and he will do the rest.
I got some spreadsheet that does all the calculations for you. Go to your job centre and find out about free business start up courses.
Hey Jake do you edit your audio before posting? Getting lots of esses and plosives on this one. Helpful content as always
Dont think any countrys let you earn money without taking a cut
Hello son! Your surrogate mother here! LOL
I've been self employed most of my life and here in America am allowed to earn around $11,000 a year without paying any taxes. However you had a full time job from which you had already exceeded the minimum amount so you had to pay the tax because you made extra income.
Not to worry son, you'll soon have a whole new house in the country the way your subscribers are multiplying. I'm thinking 100,000 by Christmas? 🤔🤗🌞 Happy Mother's Day to me! (It's tomorrow here in the USA)
That would be nice!
I was told that i had to pay tax on my PIP which was strange because when I looked it up it was false information
You can earn uptp 12,500 a year tax free anything more and you need to pay the scum bags
It would have been interesting, but somehow the French subtitle CC has been automatically translated, and if I am transforming into English, then nothing is written or grabbed in a sentence, unfortunately...
Hello i was wondering if you could do a video about how to but the ads on a video
I mean when do a new channel starts making money, is it after 1000 subscribers? and where does it come from (from RUclips it self or from ads?)
And thank you for your amazing videos
From what I can gather you need the 1000 subscribers and 4000 viewing hours in the last year.