How are other UK nationals sorting there Envato sale tax out? As far as i know we don’t have a unique tax number specific to each individual do we?
Well everyone has their National Insurance number, and when you sign up for self assessment, so you can do your taxes online, you get a unique taxpayer reference number. I used my UTR for the W8 form, but some people have used their NI number without any problems.
Didn’t realise you could use your NI number. I have no idea we brits has a UTR, where did you find yours? Can you explain signing up for “self assessment”? I am completely new to AJ so excuse my ignorance on the matter. Just trying to sort my tax out in the best possible way which im sure you can understand
You register online so you can do self assessment tax returns. Then you get a UTR. Can’t remember the full process, it was a while ago when I registered, but then you fill out the self assesment by the end of January for the previous tax year. You fill in all your income, all your outgoings and it tells you how much you have to pay.
Thanks for the info. When you say “apply online”, are we talking the Uk homeland revenue website?
Also would you say from experience it is more benificial to sort your own taxes out?
I think this is what you need https://online.hmrc.gov.uk/registration and https://www.gov.uk/government/publications/self-assessment-and-national-insurance-contributions-register-if-youre-a-self-employed-sole-trader-cwf1
And as for Unique Taxpayer Reference (UTR), you would find that on any HMRC document eg. your previous Tax Returns papers, its a number around 10 digits.
And indeed if you can spend time to sort your own taxes, if you are a sole trader / self employed, thats best, in my opinion. It pays to know what you are paying the Gov!
Thank you so much. I will check that out right away. Is this a free service to register for self assessment?
I imagine with this option you are best putting around 20% of all profits earned seperately for the end of the tax year?
It’s the government run tax website, so it’s all free. Well, You still have to send them the money due, but there’s no charge to use the site.
Sorry to keep asking you so many questions but you send me 2 links so do i need to register on both sites?
And just to clarfy by entering the UTR will i receive all my profits and then just need to pay my own tax at the end of each tax year? So the only deductions initially will be Envato’s cut?
Just trying to get my head around this as i want to do everything in the best possible way