Full time internet marketer, in need of tax advice for the UK please...

Discussion in 'Business & Tax Advice' started by Jack Torrance, Jan 9, 2016.

  1. Jack Torrance

    Jack Torrance Power Member

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    I'm registered full time with internet marketing at the moment. Wondering if any of you could help with tax.

    The largest bulk of my income is from Google AdSense, but I also get smaller sums from international checks (Amazon and Clickbank).

    I'm planning to claim all of my business expenses (proxies, web hosting, Aweber and SERPBook monthly, plus one off payments such as payments for themes, internet marketing programs, domain names etc.) against my tax. I assume these are all 100% tax-deductible? I am keeping all of the PayPal receipts in a seperate folder on my inbox for when the time comes. I would claim internet but the broadband bill isn't in my name (not sure if that makes a difference).

    Please let me know everything I need to know to pay as little tax as possible :)

    P.S. I saw some advice in another thread about opening a company but not sure about all the ins-and-outs of how that works or even how I go about paying myself a wage. I mean do I just basically empty all profits from the business into my own account and claim that was my pay? Lol.
     
    Last edited: Jan 9, 2016
  2. LaurusK

    LaurusK Newbie

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    Hi Jack,

    I assume you are a U.K resident?
     
  3. Jack Torrance

    Jack Torrance Power Member

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    Yep...

    I'm registered self-employed right now. I've been registered since the end quarter of 2015... Apparently I need to file a self assessment by the end of January but I haven't been working self-employed for a full year so I don't know wtf my year's salary would be? Lol. I'm so f*cked I don't know anything about taxes.
     
  4. password01

    password01 Regular Member

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  5. praetserge

    praetserge Power Member

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    I lived in the UK and ran a company there.
    1. It's easy to offset all your expenses if you have a company but not sure if you're self employed.
    2. You pay less tax if you run a company as it's less than 20% (I was paying 20% but they are lowering tax now).
    3. Unlike other countries, you don't need audited accounts if you run a small business in the UK.
    4. As for paying taxes and NI, I used http://www.listentotaxman.com/ to make sure I pay NO tax or NI for myself (as I don't want all that extra hassle), the website basically shows how much you can pay yourself without any taxes.
    5. To set up a company in the UK, it's only about 30 quid and you can put all the business expenses on the business and it's easy.
     
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  6. Jack Torrance

    Jack Torrance Power Member

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    Whatever would I do without this forum?
     
  7. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    ask an accountant!
     
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  8. password01

    password01 Regular Member

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    For sure. And in my opinion an accountant is a requirement once your numbers hit a certain point.. i'm pretty sure the advice they will offer up along with peace of mind will make it a self paying activity.