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Help with UK Tax

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...

Replies

  • WRHerbert
    Okay, thanks a lot MdK. Will get right on that!
  • allaugs
    I received the exact same email. I have an item in Steam workshop submitted for CS:GO. Any clue what this means? What payment do they mean? Does this mean inclusion of item in game or is it just something they're sending to all workshop members? Should I be excited or disappointed?
  • allaugs
    I received the exact same email. I have an item in Steam workshop submitted for CS:GO. Any clue what this means? What payment are they reffering to? Does this mean inclusion of item in game or is it just something they're sending out to all workshop participants?
  • vertical
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    vertical polycounter lvl 9
    I received one too, reminded me to update my tax info. Good guy, Valve.
  • Drew Carrymore
    By the sounds of it you didn't fill out the W-8BEN form through your payment info on steam. The UK and the US have a tax treaty so you only have to pay the tax on your earnings in the UK. If you don't fill out the form 30% of the money you made will be paid to the IRS. On my email they said they were filing it on the 15th of March so you need to do so fast. When you are filling it out you should use your National Insurance number when it asks for a TIN. Also make sure your details match with your banking info you submitted. I had a problem with it because my full name was too long so they didn't match exactly which took a bit to get sorted.
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