Hi I’ve been affiliate marketing online for about about 2 years now. When I first started I was only making around £50-£100 per month to supplement my other job, so I didn’t even think about taxes.
I went full time last month and I’m now earning £1,500+ per month.
I’ll be honest, I don’t have a clue when it comes to taxes. I realise that affiliate marketing revenue is taxable income, I just don’t know how to go about paying it.
What steps should I take now to ensure I don’t get in trouble?
Thank you.
Categorized | Affiliate Marketing Tools
How Do I Tax My Income? I’m An Affiliate Marketer.?
Posted on July 10, 2010.
http://answers.yahoo.com/question/index;…
You’re probably now classed as self-employed (do you get gross salary (untaxed at source)?) so I should go to the HM Revenue & Customs (HMRC) website (see links below) and you may be able to sort out your tax liabilities online.
Or consult a good accountant!
I do not know how the English system works but I would think that it is not to far off from the way we Yanks get taxed. You are most likely making this money as a sole proprietor since you made no mention of having formed a company of any type. Your taxes will be done under your tax ID number, for us it’s our Social Security Number for you it’s whatever is used to identify you as a taxpayer. I suggest talking with an accountant because there is a difference on how you are taxed as self employed as opposed to have taxes taken out by a company you work for.