Tax On Print On Demand (POD) Crackdown!

No Affiliate Links. No Courses. Just my honest opinion on all things self-publishing 🤙
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Video Information
This video was created to explain the likelihood of a taxation crackdown on POD accounts.
I recommend you hire an accountant to deal with your royalties.
stephenpeel.uk/30%amazontaxwithholding
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[@StevePeel]

I have created this channel to help you succeed in self-publishing. If you like these videos, give them the thumbs up👍and subscribe. If you also have some helpful information, add it in the comments. Cheers. Steve.

[@ruslank4028]

Hi Stephen! I've been following your channel for a while now and you bring up topics that other don't. Yet your topics are as important. I know you are not a tax advisor but let me ask you a question. When I open up my sales report and go to payment section it usually reads "Accrued royalty", "Tax withholding" and "Net earnings". It's clear that net earnings are what I get onto my bank account as I can see it clearly in my bank statement. So, doing simple math net earnings = accrued royalty - tax withholding. Accrued royalty is my cut of the book's price, correct? I.e. what I am supposed to get after Amazon substracts its share for book printing and other related costs. Amazon clearly states in its emails that it sends to authors about their payments that it is not a tax agent and that it does not collect taxes on behalf of the authors. Then why is it withholding taxes from my royalties? Does it mean that I don't have to send any money to IRS when tax reporting season arrives? Since Amazon has already withheld it. Does it mean that all I have to do is to file a tax return to IRS indicating those amounts withheld by Amazon? I don't have to send a check or make a wire transfer to IRS because Amazon has already taken my due taxes from my royalties. Is it correct? Otherwise, it looks like I'm getting taxed twice. I know each country has its own tax regime with the United States, but what was your experience from your country's perspective?

[@StevePeel]

Firstly, thanks for liking many of my videos. As for taxation. All you need to know and have record of is how much goes into your bank account. Whether taxed or not before you get it, you can still get taxed again on what remains “double taxation”. See my video on double taxation, this will help you to understand it better. Steve. kzbin.info/www/bejne/Y2qTeJx9qLFnabcsi=KPJ9T2cnHCgleYHb

[@stevep8321]

If someone in the UK is selling through etsy wordwide, is tax only due to hmrc ? I understand US sales tax is collected by etsy and no need to submit anything to IRS. VAT im not sure about either.

[@StevePeel]

Yes, for example: when I sell a book on Amazon while in the UK, Amazon will sell it in countries around the world, but I only have to deal with HMRC. I also have an Etsy account in the UK which sells around the world, but my accounts from Etsy come from UK Etsy, so I can only produce my accounts relating to me place of business.

[@StevePeel]

Regarding VAT, that is out of your control and will get taken or added without your say so and you have nothing to do there unless you reach the VAT threshold, when you will need to register so that your business can claim it back. My advice is to not register if you can help it, as unless spending a lot on materials, it a lot of effort for little gain.

[@stevep8321]

Thank you , I hadnt realised VAT registration was optional ,so sounds like can plough ahead without worrying about registering with EU countries with lower thresholds than UK

[@StevePeel]

@stevep8321 The only time you would have to deal with other countries taxation is if you deal with them directly and not through a service such as Amazon or Etsy or other in the UK. Vat registration is optional, only until you reach the threshold, which is around £85k at the time, at which time it becomes mandatory. Even if you are projected to reach that threshold, it advisable to speak to HMRC.

[@stevep8321]

@@StevePeel thank you :)

[@mdnahidseo]

Hei bro Are you looking for a professional youtube thumbnail designer?

[@StevePeel]

Not at the moment thanks 🤙