Anyone got payments from Getty?

[Kell]

Ages ago, I thought I'd chance my arm and upload some shots to Getty (iStock). Albums HERE if you're interested - and organised by what are the most popular shots.

Over the last two yers, I can see I've had numerous downloads but always assumed I'd set up my details incorrectly as I never received anything. I thought it was down to not having an IRS number or the international tax code. But I think when I looked into it, there's a threshold limit, and they only pay once you cross the threshold.

Anyway, to cut a long story short, I must have amassed enough as I got an alert from PayPal to say I've just had $95 dropped into my account.

The question I need answered is: Do I need to declare this?

I'm not trying to avoid paying tax, I'm just unsure of the process as this is the first time I've had a payment.

For the record, I'm in FT employment.

Thanks

 

[AndrewFlannigan]

Here's the straight word on the subject...

Check if you need to tell HMRC about additional income

Check whether you need to report and pay any tax on income you make apart from your main job or earnings.

www.gov.uk

 

[ecoleman]

Are you self employed or employed.

If self employed them you would need to declare it as part of your income.
If you are employed them you can earn up to £1000 from side hustles before you need to declare it.

Edit: It seems that this will also be increased to £3000 but not until 2029

Side hustles: threshold for having to fill in UK tax return to triple to £3,000

Change affecting up to 300,000 people does not mean they will pay less tax and may not happen, in theory, until 2029

www.theguardian.com

 

[Box Brownie]

Are you self employed or employed.

If self employed them you would need to declare it as part of your income.
If you are employed them you can earn up to £1000 from side hustles before you need to declare it.

As far as I am aware the £1000 allowance would include any share dividends and savings account interest (i.e. any non ISA savings interest)

Edit: It seems that this will also be increased to £3000 but not until 2029

Side hustles: threshold for having to fill in UK tax return to triple to £3,000

Change affecting up to 300,000 people does not mean they will pay less tax and may not happen, in theory, until 2029

www.theguardian.com

 

[Brentor]

As far as I am aware the £1000 allowance would include any share dividends and savings account interest (i.e. any non ISA savings interest)

I don’t think this is correct, one is a Trading Allowance the other is a Personal Savings Allowance.

 

[ecoleman]

As far as I am aware the £1000 allowance would include any share dividends and savings account interest (i.e. any non ISA savings interest)

No, as Steve said above, these are different things.

 

[Box Brownie]

I don’t think this is correct, one is a Trading Allowance the other is a Personal Savings Allowance.

No, as Steve said above, these are different things.

Ah? Is that Trading Allowance and/or PSA the same situation for Self Employed and Full Time PAYE employed?

 

[ecoleman]

Ah? Is that Trading Allowance and/or PSA the same situation for Self Employed and Full Time PAYE employed?

Yes but……..

I”ve just completed my tax return today and I have the option to offset £1000 against my income but, I then can not claim any allowable expenses. Obviously my expenses are worth more than a £1k offset so I don’t use it, but for somebody who say earned £2k from a side hustle with little or no expenses can still offset the first £1k when filling out a self assessment. If they earned £1k or less then they would not have to declare it at all.

That’s why I said above if you are self employed already then you’ll probably declare it as part of your income but if in employment you would have to worry about it unless it exceeded £1k

 

[anisa.lewis]

Ages ago, I thought I'd chance my arm and upload some shots to Getty (iStock). Albums HERE if you're interested - and organised by what are the most popular shots.

Over the last two yers, I can see I've had numerous downloads but always assumed I'd set up my details incorrectly as I never received anything. I thought it was down to not having an IRS number or the international tax code. But I think when I looked into it, there's a threshold limit, and they only pay once you cross the threshold.

Anyway, to cut a long story short, I must have amassed enough as I got an alert from PayPal to say I've just had $95 dropped into my account.

The question I need answered is: Do I need to declare this?

I'm not trying to avoid paying tax, I'm just unsure of the process as this is the first time I've had a payment.

For the record, I'm in FT employment.

Since you are working full-time, it is worth checking your country's tax rules regarding additional income. By the way, if you are also interested in exploring other online earning options, such as https://magyarkaszinooldalak.com/casino/dolly/ offers detailed information.

Regarding declaring the $95, in general, any additional income should be declared, but consulting with a tax professional will give you peace of mind and ensure you are following the correct procedure.

Thanks

Congrats on the payment! Yes, even small amounts like $95 usually need to be declared, especially if it’s from self-employment or royalties!