Sunday, 25 February 2018

6 Things Every Blogger NEEDS to know about taxes

So you've been blogging a while, or maybe you're a new blogger on the scene? Eventually your thoughts will turn to monetising your blog. This could be through sponsored posts, affiliate links, selling items etc. - sound like you? Then you NEED to read these tips before you start to make sure you're all set on the tax front before you start earning

6 things every blogger needs to know about taxes

1) Register as self employed

Well this should be blatantly obvious right? But first thing you need to do is register as self-employed you'll get your own unique tax reference (UTR) through the post and then you're pretty much good to go. If you do have any questions before you register then definitely ring the self-assessment helpline* - they're super helpful and helped me figure out how it would affect my tax and NI in my full time job 

2) Keep accurate records

This is absolutely crucial to make it as simple as possible, as soon as you register as self employed you need to start tracking all your incomings and outgoings (these can be expensed). You could hire an accountant to help with this or make your own version on excel - I have a blogger taxes spreadsheet from Kona Seven who I highly recommend

3) Learn about expenses - what you can and can't expense

Blogging obviously incurs some expenses so it's important to keep a track of anything that's associated with your blog for example: blog theme, tool subscriptions (Tailwind, buffer, Hootsuite etc.), Paypal fees and a proportion of your electricty etc. However other things can't be such as client entertaining, items you'll use again such as clothes etc.  

4) Monetize your blog 

Now you have a handle on expenses it's time to kick ass and make lots of money! There are so many ways to monetize your blog so get out there and explore - my favourite ways are through sponsored posts, affiliate marketing and google adsense. But the possibilities are endless, You can make products, sell them, run courses let your imagination run wild

5) Organise your emails!

Once you've started monetizing it's crucial just like keeping accurate records that you have a good organisation system in place, this can save you a whole heap of time at assessment time. It mean's you'll have all your invoices, receipts and blog discussions saved by month making it easier to decipher and find things if needed 

6) Always pay attention

Taxes change a lot, allowances and what can be expensed etc. so keep up to date with current affairs and chat to other people in the blogging / self employed community you're all in the same boat so don't be scared to have a chat about taxes, they don't have to be confusing

What self employed tax questions do you have?
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1 comment

  1. All definitely key factors here, Alice-Megan. Gotta have tight records to save time come tax season.

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