Blogging can start off as a simple hobby for many people but more often than not it can actually turn into a full-time job.
Once you start earning money from your blog, you’ll need to start declaring your income to the taxman (HMRC to use the official name!) so if you haven’t done so already you’ll need to register as self-employed.
Keeping on top of your tax can be daunting, but as long as you follow these simple tips you’ll be able to keep on top of it, and your freelance blogging career can flourish!
Get Organised With Your Receipts
Keep all your invoices and all accounting information in one place so you can easily keep track of your incomings and outgoings. When it comes to filing your tax return it will help to have your accounts in a tidy fashion, so you’re not searching around for information. This will also help if you need to employ an accountant.
Take your time to read your tax-return forms. It can seem confusing at first, but if you give yourself plenty of time to concentrate on the task, it’s not quite as bad as you might think!
Use A Tax Agent
Hire an expert. If you really do find it confusing, then there is no shame in hiring an accountant to help you out, that is what they are there for. There are accountants that specialise in sole traders and small businesses and will be able to go through all your accounts for you, saving you lots of time and effort.
Watch The Clock
Don’t be late! It helps to be punctual and file your tax return in plenty of time before the deadline. If you file your tax return too late, you could incur a financial penalty which could negate any tax rebate you may be expecting.
Think you may be owed some money from the Tax Man? Apply here to get your tax back.