August 30, 201115 yr like the USA Do I have to pay any extra taxes on this money? Good question! Erm...
August 30, 201115 yr As far as I'm aware and I'm no legal or tax expert here Id just say you need to pay your standard tax as you would with the rest of your bills. Not sure though depends on how much you get paid and hows it coming in. When I was getting paid for work in the USA Id just invoice everything here and get paid in $ via the bank. Its different if you get out there, my client used to fly me out regular
September 1, 201115 yr Do you have an accountant? Or accountant friend? If not, go to a specialized forum - a uk one - and ask there, that's your best bet for free advice.
September 2, 201115 yr just call HMRC, it's free and from the horse's mouth. An accountant will charge you and an accountant friend may give the wrong information. Similarly with forums.
September 2, 201115 yr There will be 2 things you need to pay. 1. The money that will be transfered from 1 country to another and change it into euro´s. (if you live in Europe) 2. At a certain amount of money you will need to pay tax income as well but that really depends in which local erea you are living in.
September 3, 201115 yr Income Tax and National Insurance is rated and calculated based on where you live, no matter where the payment comes from. So if you're in the UK, you pay tax based on UK rates. Just a note to add, for the first four years of self employment, I did my own books, I have a fairly good knowledge or tax and national insurance etc. Then I got recommended an accountant, his fee was £250 but he clawed back an extra £4K for me as well giving some excellent advice on equipment and vehicle purchase. Six years later he's still my accountant and his fees are at £520 annually, but it's still worth every penny. His advice on not only when and what to buy, costs to consider, and when actually spending money gets you money much more back, he's invaluable to me. I earn a good living, business is profitable, I upgrade equipment every six months and I do what my accountant tells me. I haven't had a tax bill over a grand for six years.
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