I’m 23 and just started earning ~£300/month from YouTube. I’ll stay under £12k this year. Do I need to register as self-employed and file a tax return? Not sure where to start — any help is appreciated!
In the UK, the equivalent to the IRS (Internal Revenue Service) in the US is
His Majesty’s Revenue and Customs (HMRC)
You need to check with them.
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Best advice
Seek advice from an accountant as we do not have any info on your situation in terms of other jobs, savings , pension, etc
You probably have to pay tax
Thanks for pointing me in the right direction!I’ll check directly with HMRC about whether I need to register and file a return, given my income level. Appreciate the help.
Not sure what the cutoffs are over the sea there but most likely if you just started earning, and it’s that’s small of an amount, you won’t make enough money to be taxed on it anyway, but from a contributions standpoint it would stand to you as making contributions might help later if you need to draw some form of welfare.
Not sure if that is really your name above, but if it is, consider changing it and using anonymity when discussing stuff like this online.
And as the others say, best to get official advice for this.
In the UK, YouTube income counts as self-employed trading income. The key threshold people miss is the £1,000 trading allowance. If your total YouTube income for the tax year goes over £1,000 (before expenses), you’re required to register for Self Assessment and submit a tax return.