Posted Thu Jan 3 3:41AM
Hi, I haven't had a payout yet and was wondering if Istockphoto apply any withholding tax when paying out to UK contributors?
I have asked istock directly but haven't had an answer to this.
Thanks for any help
Posted Thu Jan 3 3:47AM
There is no holding tax applied to your iStock earnings. iStock is a Canadian, not American company, consequently they don't keep hold of the extra 30% that you may forgo elsewhere. You just pay income tax on what you receive.
(Rewritten in English)
(Edited on 2013-01-03 03:53:28 by kelvinjay)
Posted Fri Jan 4 2:13AM
Thank you for the reply. I always provide withholding tax forms from my local tax office when required, there are plenty of other countries - not just USA - which apply withholding tax.
I know it doesn't actually make any difference moneywise, as one just claims back withholding tax against UK income but it's nice not to have to keep getting these tax forms signed.