Are you monetising your blog?
A lot of bloggers are and it’s one of the hottest topics in the blogosphere right now.
I’m holding a workshop at the world’s first blogging festival, Blogstock, talking about what it means for your tax if you make money from your blog.
Are you feeling ‘oh holy crap’ right about now?
Good, hold onto that, because that means you’re going to DO something instead of pretending it doesn’t exist.
It isn’t like people tell you about these things, it isn’t your fault if you don’t know. Remember that.
What’s important is what you do next.
I have a downloadable flow chart to help you decide if your blog would be considered a business by HMRC. It can help you make a decision on whether you want your blog to cover your costs, make money from it, or be a business and get tax relief.
It’s all about intention not whether you are actually making any money.
There are spreadsheet templates for you to record income and expenses.
These are great to get you started, or if you only need to record income/expenses to prove it’s only a hobby blog covering expenses. If you’re offering services (or any of the other circumstances that make your blog a business even if you’re not making money) you’re a business.
It can be a good thing to lose money if you also have a job or other income, so bear that in mind. You may even get a tax refund (ask me how).
I’ll be giving away a place on the From Blog To Business 30 Day Challenge during my workshop at Blogstock.
The Challenge is launching later this year and will help you know what you need to know so you make the best decision for your blog about making money and staying on the right side of the taxman. Saving money and eating cake can be part of it too!
I can help with individual coaching and email support if you want to explore what making money from your blog means for you and your life and what to do.
For your tax return, if you already know you need to do one, why not buy The Tax Return Toolkit?
Lots of bloggers already have.
Cats. Kids. Clothes. Cake. Community.
It’s blogging after all!