If you have a novel published, do you have to pay taxes?

Question

I'm from the UK, and was just wondering, if your novel gets published, and you get an advance, do you have to declare this to the inland revune? Does the publisher deduct tax from it? I'm very confused!

Answer 1

Chances are you will be paid as self employed so you will need to register yourself as a sole trader and pay tax. If it was paid after 5th April 2007 you won't need to pay the tax until January 2009, but if it was before, then it will be due by January 2008.

I would very strongly doubt that the publishers have paid your tax but ask them as they may have advice.

The Inland Revnue (who you will need to register with) are very helpful.

Answer 2

I'm in the U.S. As a published author I simply get a tax document from my publisher every tax year. I simply declare what I've been paid and that's it.

As a writer I am also entitled to claim any equipment that I purchase for my work. Computer, Printer, Monitor, Paper, Advertisments, Webpages, Books I purchase for my book signings, and anything else that has to do with it.

Answer 3

Depends on the publisher if taxes are already deducted or not. But either way, you always have to report income of all kinds. Ask publisher if taxes were already deducted, then at tax time report all income that year when filing your taxes.

Answer 4

I do not know in regard to the UK. It used to be, in the Irish Republic, writers were given a handsome tax break. When I lived in a tiny town on the Irish Sea, in Co. Wicklow, I did not pay taxes. I returned to the States in '89, alas, and what today's tax laws are there, I have no idea. In the US, yes, artists across the spectrum must pay income taxes. I harbor a great affection for England and I'd like to know more.

Answer 5

this relies upon on maximum of issues - how and the place the e book would be offered etc.. - not too many first novels sell that many copies - and - - in case you pass with self publishing as reported above, they won't do lots to publicize your e book. in case you do touch some place like that, the suited question could be what proportion copies does the widely used e book sell -- not their a million or 2 fortunate hits.. yet because of the fact the different individual says, do not srite for the money - it extremely is like attempting to be a rock celeb - - maximum of folk desire it and so few gain a rewarding artwork..

Answer 6

It is considered income. You must pay taxes on it, usually you do so as self employed and must make the deduction yourself since you are not considered an employee of the book company, but an independent author. Contact the Revenue department and they will be happy to help you!

Answer 7

You need to see an accountant right now. Yes you will get taxed on it. It's up to you not the Publisher.

Answer 8

I am a children's book author, but I know many romance authors and also other children's book authors. Yes, we do pay taxes. As one of the others answered, it is income and you must report it as such. So, if you get an advance check or a royalty check, set 25 % aside until after you have filed and paid your taxes.

Answer 9

One is entitled to avoid taxation in a lawful manner, without evading it unlawfully.

I am an author, and more in order to avoid the bureacracy than to avoid the taxation, I have a private publisher, who understands what is required of him.

Answer 10

It's income, just as if you got it from cleaning floors, or washing windows. The taxman will expect you to declare it.