Hiya
I have written my first novella and thought I'd self-publish it on Lulu.com Before I publish it though, I looked up on tax and because I wish to do it without an ISBN, apparently, according to some on Lulu.com, the money earned from the novella will be classified as 'creator revenue' and won't attract any tax from Lulu and because I am in the UK, instead of reporting any earnings I make from the book to the USA IRS, I would have to report it to the UK tax office. I get that.
The thing is I was looking on the HM Customs websites and apparently, for any extra income, it has to be a certain income before you should declare it? Is this true and how much must my book earnings exceed before I declare? Or do I still declare it if I made only, say £50 from the book from now til the next financial year?
Thanks
Helen
xxxxx
I have written my first novella and thought I'd self-publish it on Lulu.com Before I publish it though, I looked up on tax and because I wish to do it without an ISBN, apparently, according to some on Lulu.com, the money earned from the novella will be classified as 'creator revenue' and won't attract any tax from Lulu and because I am in the UK, instead of reporting any earnings I make from the book to the USA IRS, I would have to report it to the UK tax office. I get that.
The thing is I was looking on the HM Customs websites and apparently, for any extra income, it has to be a certain income before you should declare it? Is this true and how much must my book earnings exceed before I declare? Or do I still declare it if I made only, say £50 from the book from now til the next financial year?
Thanks
Helen
xxxxx