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Brit mums live 2013 blogging foundations accounting

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  • 1. Blogging Foundations: Accounting 22 June 2013
  • 2. Introduction Georgi Rollings ACA Mum of 3 year old twin girls
  • 3. Introduction • Blogging: trade or hobby • What expenses are tax deductible • Working from home • What income do I need to declare • Payment in kind
  • 4. Blogging: trade or hobby • If you earn income from your blog then: • Register as self employed with HMRC • Annual self assessment tax return • Pay income tax and self employed NICs • Not a hobby if you intend to make money • Selling advertising space • Signing up for Google AdWords • Accepting payment for writing blogs
  • 5. What expenses are tax deductible • Incurred “wholly and exclusively” for your trade • Telephone • Broadband • Website costs • Professional fees • Marketing costs • Conferences and associated travel
  • 6. What expenses can’t you claim • Childcare • Entertaining • Subsistence costs e.g. lunch, coffee – must involve overnight stay • Personal expenses
  • 7. Capital expenditure • “Capital allowances” vs. allowable business expense • Annual investment allowance on tax return • Computer, printer, office furniture, etc. • Can “disclaim” capital allowances if not paying any tax
  • 8. Working from home • Small weekly allowance for every week you do any work from home = current level is £4 per week • OR calculate use of home as office cost: • Number of rooms • House running costs • Business vs personal use
  • 9. Working from home - example • £800 house monthly running costs • Mortgage interest, rent, utilities, council tax, insurance, relevant repairs • Use 1 room out of 6 • Exclude bathrooms • Spare room, used 60% for business • £800 x 1/6 x 60% = £80 per month
  • 10. What income do I need to declare • Selling advertising space • Google AdWords • Cash payments for writing review or blog • Affiliate income • Payments in kind • Include in tax year when earned
  • 11. Payment in kind • Where you receive something other than cash, for example: • A product or service • Vouchers or discounts • OK if for personal use • Taxable if intend to sell, at lower of market rate of product/service and the usual rate you charge
  • 12. Sole trader support package • Accounting help for a fraction of the cost • Tailored advice for your circumstances • Bookkeeping template • Helpsheets and tax return guide • Ongoing email support • £12.50 a month
  • 13. Questions
  • 14. Contact Details Georgina Rollings Starfish Accounting Ltd 01628 299 310 info@starfishaccounting.co.uk http://www.starfishaccounting.co.uk http:// www.facebook.com/StarfishAccounting http://twitter.com/#!/StarfishAcc

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