This video demonstrates how you can use the money you’ve earned via Print On Demand (or just money you’ve saved) to generate passive income. At the very least, please educate yourself and ensure you aren’t losing money as a result of saving it – video explains why this might happen.
If you don’t know that POD is and just stumbled across this video as a conscientious saver, then please watch some of my others and all will be explained.
People keep asking me to make a video about POD profits and taxes, so here it is. There is so much that I haven’t covered. Tax is a very intricate, complex, and boring subject. Your situation may not be the same as mine so do your research. Timecode for non-Brits: 6:37 – it goes British again from 14:00.
### Undeclared income – good info from HMRC:
TL;DW: # Over £2500 profit – Register for Self Assessment – see link above # Under £2500 profit – Report to HMRC manually – see link above
In terms of foreign income tax, you only list this on self assessment if you’ve already paid tax to a foreign country. HMRC will deduct the equivalent in GBP from your UK tax bill. If you use Redbubble and you’re from the UK, then you wont be paying tax to Australia/the US, so it’s not necessary to fill in that field. Your circumstances might be different to mine, so do your own research, of course.
Discussing profit margins on Redbubble again. If you’ve had some success on the platform and want to increase your margin without losing sales and alienating customers, this video will contain some useful information for you to consider. More info in video description.