Selling websites & tax.

[Pain]

I just sold one of my sites for $xx,xxx and would like to know about paying tax, I live in Scotland the money came from America. Do i see a financial advisor and get it sorted ?

Any advice would be aprreciated.

 

[engaged]

I just sold one of my sites for $xx,xxx and would like to know about paying tax, I live in Scotland the money came from America. Do i see a financial advisor and get it sorted ?

Any advice would be aprreciated.

Get an accountant to deal with that.

 

[John]

congrats btw, I hope it wasn't the dungeon

 

[Pain]

congrats btw, I hope it wasn't the dungeon

It was, Didnt know anyone on here knew about it. Were you a member?

My family had some problems and i wanted to help them out, it was tough selling the forum.

 

[John]

I forget where I found out you owned it, I think it was in your sig on another forum. I wasn't a member but I was a lurker.

 

[Jon]

Nope no need to report it actually.

 

[mrvolleyball]

I just sold one of my sites for $xx,xxx and would like to know about paying tax, I live in Scotland the money came from America. Do i see a financial advisor and get it sorted ?

Any advice would be aprreciated.

Do you currently have a job where you pay tax ? This will determine how much tax you would have to pay since you can earn approx £5000 before you have to start paying tax on any income)

You may need to be registered as self employed and the tax you would pay would depend on how much you earn. However being self employed will enable you to claim tax back on any business related expenses e.g. your interest connection, hosting costs etc.

You could have a look here: http://www.hmrc.gov.uk/selfemployed/
for more info.

( My position is I have a full time job, but am also registered as self employed for the 2nd job and internet work I do)

Hope this helps

 

[Gooner]

As a British citizen, any income you receive, regardless of where it is from, is taxable. If the income was earned in another country and you paid tax on it there, then you may be exempt from tax here.

Talk to an accountant (I used to be one until I got a life).

 

[Pain]

All my income comes from America, thanks for the replies guys.

 

[Pain]

Well today i was told i might have to pay around $1,500.

 

[chris]

Fucking ey.

I'd keep hold of the money and leave it alone... get some interest out of it, and so when the IRS come knocking you can give it back without penalty!

 

[Gooner]

Fucking ey.

I'd keep hold of the money and leave it alone... get some interest out of it, and so when the IRS come knocking you can give it back without penalty!

First of all, if you are self-employed you need to tell the Revenue within 3 months. Failure to do this can result in a fine.

Secondly, if you live in the UK and receive an income from anywhere in the world, and don't declare it on your tax return you could end up paying interest, fines and even potentially go to jail for tax evasion.

I'd declare the income and pay the tax if I were you!

 

[Max]

Pay the tax.

You don't want to mess with the IRS. :uhoh2: