Hi guys, I'm only barely adult so tax scares me.
I've searched around but can't get answers spelled out easily enough for me. I'm from the UK and I got an email from Valve:
This is an automated notification that is being sent to you because you may be eligible to claim tax treaty benefits which may reduce your tax withholding on royalty payments from the standard withholding tax rate of 30% to a reduced rate in accordance with US Tax treaty and your country of tax residence. In order to be eligible for treaty benefits, you are required to provide either a US Tax Identification Number (TIN) or your country of tax residency Foreign TIN. If you believe you are eligible for treaty benefits / reduced rate of tax withholding, please complete the tax interview and provide either your US TIN or Foreign TIN. In the meantime, we are required to begin deducting the maximum amount of US tax from your royalty payments.
Questions:
1. What withholding rate should I be aiming for as I'm from UK (currently 30%).
2. If I've got the wrong withholding rate, could a fellow Brit give me some tips on what I need to do specifically to meet the tax requirements. What acronym number I need etc. I filled it out a long time ago, and I don't want to change it unless I know what I'm doing (because the original is deleted when you attempt to change).
Thanks for the help, I'll understand adult life one day...
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