Passive Income profits and taxes

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:
https://www.gov.uk/undeclared-income

### Self Assessment tool:
https://www.gov.uk/check-if-you-need-a-tax-return

### HMRC Self Assessment enquiries:
https://www.gov.uk/government/organisations/hm-revenue-customs/contact/self-assessment

### Register for Self Assessment:
https://www.gov.uk/log-in-file-self-assessment-tax-return

### Halifax Clarity Card:
https://www.halifax.co.uk/creditcards/clarity-card/

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.