Vlogging Youtube tax return accountants guide

Blogging and Vlogging You tube tax return accountants guide

Blogging and vlogging are relatively new professions though there bloggers and vloggers are earning an income from a variety of sources including appearance, advertising, and royalties. With so many diverse sources, you need a professional accountant which is where we come in to ensure that the tax you pay to the taxman is no more than what you should be paying.

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Looking to become more Tax Effective?

The first critical question – are you self-employed or do you work for the man? Our experience is that most bloggers and vloggers are working home in some kind of self-employment.

Tax professionals will determine whether your self-employment income needs to be classified as trading income.

If you are in employment as a vlogger or blogger, a tax professional will make sure that your employer deducts the correct tax before you get your wages/salary.

A dedicated tax accountant is vital who will work with you in the instance that you are working several contracts in the UK and overseas.  Experts will help with optimising your taxes so that you can be compliant while paying only what is due. A HMRC investigation is not a pleasant experience but given how complex UK tax regulation can be, it is easy to get into trouble. This is where we come in to ensure our clients have the peace of mind to work in peace.

When are Vloggers and bloggers required to submit their Taxes?

Depending on whether you are a sole trader or a company, you will be expected to file returns on a set date. As a sole trader, whether you run or own the business or have employees, the authorities expect you to file the returns no later than 31st January. If you have a company selling e-commerce products the authorities expect returns to be filed no later than nine months after the accounting period.

Allowable Expenses, What can you Claim?

You are required to keep records of all expenses about sales in your eCommerce business.

  1. Ecommerce fees, postage costs, PayPal fees, and bank fees
  2. Accounting Expenses – Whether you make use of accounting software or have hired a professional account, you can claim tax filing deduction and tax preparation expenses.
  3. Damaged or Returned Items – It is critical to have beginning and ending inventory if you intend to claim deductions for returned or damaged items.
  4. Reselling
  5. Home Office Deduction – , you can claim deductions if this is done from the home office that is used exclusively for running the business.
  6. Travel Expenses – If you have to travel to deliver eCommerce goods or to source your products, the costs may be claimed as travel expenses.
  7. Taxes and shipping costs associated with the product
  8. Manufacturing costs of materials, tools, and supplies
  9. Office Equipment Expenses – You can claim expenses for things like office computers, furniture, internet services among many other services and supplies you need.

The Different Accounting Services You Require as an E-commerce Trader

Some of the services your limited company needs include:

  • Statutory company accounts
  • VAT returns per quarter
  • CT600
  • Bookkeeping
  • Abbreviated Accounts
  • Confirmation statement
  • Payroll
  • Pension compliance statement
  • Self-assessment directors’ tax return

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