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Author Topic: Shutterstock tax form?  (Read 7389 times)

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« on: August 18, 2006, 13:37 »
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I seem to remember seeing something about a tax form you needed to fill in at Shutterstock if you earn over $400 not there yet but that day is going to come. Any ideas where the DL is or whether as a non US citizen whether I still have to complete it.


« Reply #1 on: August 18, 2006, 14:17 »
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I think it is only for US tax residents.

I dont think hobbies are taxable in the UK but I could be wrong.

grp_photo

« Reply #2 on: August 18, 2006, 14:28 »
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I think it is only for US tax residents.

I dont think hobbies are taxable in the UK but I could be wrong.
LOL! If you earn money its not a hobby anymore i pay taxes since 15years for my hobby :)
I'm not a UK resident but just think about it you have to declare your income thats the same in every country i know. if you spend more money on cameras than you earn then you probably don't have to pay taxes but you still have to declare it.

« Reply #3 on: August 18, 2006, 16:33 »
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LOL! If you earn money its not a hobby anymore i pay taxes since 15years for my hobby :)
I'm not a UK resident but just think about it you have to declare your income thats the same in every country i know. if you spend more money on cameras than you earn then you probably don't have to pay taxes but you still have to declare it.

Or you can just be a tax dodger :)

« Reply #4 on: August 19, 2006, 01:31 »
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I dont think hobbies are taxable in the UK but I could be wrong.
LOL! If you earn money its not a hobby anymore i pay taxes since 15years for my hobby :)
I'm not a UK resident but just think about it you have to declare your income thats the same in every country i know. if you spend more money on cameras than you earn then you probably don't have to pay taxes but you still have to declare it.
I retract my statement above.

Hobbies are definately not taxable in New Zealand.  As NZ is a commonwealth country and our tax system is loosely based on the UK I made an assumption.

Anyway - my expenses far outwieght any income, even if only allocated 25% business - 75% personal.

« Reply #5 on: August 19, 2006, 04:48 »
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Urrrr,

CJ, you'd better not say that too loudly, pretty much any financial acticity is taxable in New Zealand if it results in a profit.  (Remember that aquiring assets is profit under our wonderful tax laws, so if you buy lots of camera gear it dosn't make you non profit.  If you lease or rent your gear and break even, then there is no profit.)

If you're doing a lot of stock work I'd be finding an accountant who will give you some free advice and get some. 

I quote from the IRD site:  "If you are earning income from salary and wages, investments, overseas earnings, as a self-employed contractor, or if you receive payments from a Maori authority, you have a number of tax responsibilities. Find out what these responsibilities are and how to meet them here."

If you sell one photo for $1 in New Zealand as part of a hobby business you're technically a self-employed contractor.  Added to that is the overseas income aspect of microstock/stock unless you're on one of the NZ based sites in which case you'd be getting hit for withholding payments (Unless you're a business).

You may not be running a business, as that requires you intend to make a profit.  If you intend to make a profit, and are therefor running a business, you're lible for ACC and company taxes as well as personal income tax.  When running a hobby business you are liable for income tax, but not ACC and company taxes.

Having said that, you'd have to be having a really, really unlucky time to get caught out running a low or no profit business.  But to be safe, keep enough records to prove that you don't make a profit if things get ugly with a tax inspector near you.

I ran my own business for about 8 years, doing electronics work.  I've sold that but now I'm seriously looking at forming a company for the photography as I'm in danger of making a profit next year if things keep on going at the rate they are. (not stock, sports and portrait work)

Cheers, Me.

« Reply #6 on: August 19, 2006, 04:54 »
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Forgot to ask, what part of NZ are you from?  We're rural, 50k's south of Christchurch.

« Reply #7 on: August 21, 2006, 00:51 »
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Well I can't say for other countries but I am guessing that they might have a similar set up.

In Norway you CAN earn a certain amount tax free (does not need to be declared) if it is earned as a hobby.  If your 'hobby' earns more than (i forget how much but for arguments sake) $500/year then you have to declare the income as business income.

As a side note. If you claim your photography earnings as income, you can also claim your expenses.  In norway, if I spend more on photography than I make, i then have a net loss, which reduces the tax I pay on income from other sources.

Also, if you are gong to claim your camera as a business expense, it is no longer covered as a 'personal item' in home insurance, and therefore may not be covered.


 

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