My accountant helped me fill in the W-8BEN (though I still need to print it off, sign and scan it in). I dunno where he got my ITIN as he got the form back to me within a day
For UK people, there is a tax treaty between the US and UK so you don't have to pay tax twice. However, looks like you have to pay the 30% in the US (or whatever they work it out to be) and just take it that's what you're stuck with.
It's also kind of annoying as in the US, they take the tax immediately, then it's up to you to claim it back, whilst in the UK, you get to keep all your revenue until it is due to be paid, which can be months after the end of the financial year (or your business' accounting period). The plus side is not having to pay 20% VAT.
I also assume that it will be 30% of 70% rather than 30% of the net sale?
As for IBAN/SWIFT, I phoned up my bank, and after security questions, they gave me both numbers, saying both were fine to use
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For UK people, there is a tax treaty between the US and UK so you don't have to pay tax twice. However, looks like you have to pay the 30% in the US (or whatever they work it out to be) and just take it that's what you're stuck with.
It's also kind of annoying as in the US, they take the tax immediately, then it's up to you to claim it back, whilst in the UK, you get to keep all your revenue until it is due to be paid, which can be months after the end of the financial year (or your business' accounting period). The plus side is not having to pay 20% VAT.
I also assume that it will be 30% of 70% rather than 30% of the net sale?
As for IBAN/SWIFT, I phoned up my bank, and after security questions, they gave me both numbers, saying both were fine to use
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