|04-01-2012, 02:37 PM||#1|
Scribbler of stuff.
Join Date: Mar 2012
Location: Lancashire, UK
Tax: Amazon vs. Smashwords
I've been looking into the tax implications of self-publishing with Amazon as a UK resident. Apparently you have to prove that you are actually based in the UK and you need a passport (which I can't afford), and you have to fill in forms for the IRS etc.
I have read that publishing with Smashwords does not involve such stringent requirements and that they don't make UK authors jump through hoops to get their royalties - have I got this right, or not?
|04-02-2012, 05:53 AM||#2|
Join Date: Jan 2010
Location: Yorkshire, tha noz
Device: 2nd hand paperback
They both charge you 30% in American tax if you don't provide the paperwork they want. But when you fill in your UK tax return there's a section in there for foreign income that has already been taxed at source, so you don't really lose out on much. There's also the currency conversion charge you need to factor in. Smashwords uses Paypal, and their conversion charge is very high. Amazon sends "checks" in dollars and your bank will charge a fee as well as the conversion charge. Or it might work out better to send them to Auctionchex, but they have fees too.
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