Accounting for bloggers is a four part series starting with a post on allowable expenses.
Whether you have just started blogging or you have been blogging for a while, one of the things that you need to think about is money. This four part series will look into how you can start getting organised and be prepared for any tax liabilities.
Initially, you will probably start off with, ‘How expensive is that?’ and feel guilty about spending so much money on things that will help your blog. Don’t worry though some of these expenses can be counted towards start-up costs especially if you are hoping to make money from your blogs eventually. For start-up costs you can go back up to 3 years. A few examples of allowable costs include:
- Computer costs
- Conferences and associated travel
- Mileage at 45p per mile for up to 10,000 miles and then 25p per mile after
- Printing (e.g. business cards)
- Professional membership fees
- Professional fees e.g. accountant and lawyers
- Travel and accommodation
- Web design and hosting
Click here to download this list as a PDF: Allowable blogging costs
Once you have your advertising in place, your e-products are flying off your virtual shelf and you have lots of passive income sources all coming in, you can start dreaming about the new hybrid laptop, you had your eye on. However, before you spend all your money, you might want to stop and think about your tax liability. Who am I kidding? Most people don’t want to stop and think about tax. Only accountants seem to get excited about tax and start New Years’ resolutions on the 6th April. Still it might be a good idea to start recording all your income and expenses
The next post in this series looks at the different ways to record your income and expenses and you will get a FREE downloadable spreadsheet to help you get started.
As usual, if you would like any further details on this or any other accountancy matters, please follow this link: