Anooppm
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Taxation policy on tiktok online seller's
I am an online TikTok seller based in the UK, though I am not a UK resident. My store is registered in my name as an individual, not as a company. The primary products I sell include clothing, cosmetics, bags, watches, and similar items. I would like clarification regarding the applicable taxation policies for sellers conducting business on TikTok. Below are my specific questions: Tax Rate: What is the percentage of tax applicable to my situation? Tax Calculation: My store has generated total sales amounting to $168,000 USD to date. How much tax would I need to pay based on this figure? Tax Basis: Is the tax applied to the total sales revenue or only to the profit earned from these sales? TikTok's Claim: TikTok has stated that I need to pay 30% of my total sales ( Including cost & profit) as tax . Is this accurate, or are there other tax regulations I should consider? I would greatly appreciate your guidance on these matters to ensure compliance with UK tax laws.