Youtube and taxes, a question

Sherliarty

Money Making Megastar!
Joined
Jan 26, 2016
Messages
424
Reaction score
116
Points
153
My daughter has a youtube account that she originally set up for fun but in the last year, it has made over the £1000 trading allowance so I have been told she has to submit a self assessment form. This is fine and hopefully the channel will become a long term money maker for her!!! But my question is when do you say it became a 'business', the year it earned over the £1000 or the first day you started the channel when it earned nothing or less than £1000 for a few years?
 
  • Like
Reactions: Kimilsung

Jon

Administrator
Staff member
Joined
Oct 17, 2013
Messages
27,531
Reaction score
3,556
Points
283
Age
38
Location
Leeds
You submit tax returns for each tax year and HMRC don't care about specific dates

So she would just file one for say 2018/2019 and say she earned £1000
 

katykicker

I am a work from home Mum from Essex.
Staff member
Joined
Nov 14, 2014
Messages
6,434
Reaction score
649
Points
373
Location
Harlow
Website
katykicker.com
If you mean when to register as a sole-trader I'd go from when the year you exceeded the £1k. I'm not a tax expert.
 

Sherliarty

Money Making Megastar!
Joined
Jan 26, 2016
Messages
424
Reaction score
116
Points
153
yes, I registered her today and it did say you could use the date you started the business or the date it earned more than the trading allowance. We went with the latter as technically, she never deliberately started a business :D
 
  • Like
Reactions: katykicker and Jon

Castro

Money Making Megastar!
Joined
Apr 14, 2015
Messages
331
Reaction score
111
Points
163
Congratulations to your daughter that's amazing!

What is the focus of her channel if you don't mind me asking?
 

Kimilsung

Money Making Megastar!
Joined
Nov 26, 2018
Messages
496
Reaction score
102
Points
113
Age
52
I thought you only pay taxes if you earn over 10, 000
 

Sherliarty

Money Making Megastar!
Joined
Jan 26, 2016
Messages
424
Reaction score
116
Points
153
I thought you only pay taxes if you earn over 10, 000
Yes but you have inform HMRC if you earn over the £1000 trading allowance and fill out a self assessment. I guess this is to catch those with other income too which pushes them over their personal allowances.
 

Kimilsung

Money Making Megastar!
Joined
Nov 26, 2018
Messages
496
Reaction score
102
Points
113
Age
52
Yes but you have inform HMRC if you earn over the £1000 trading allowance and fill out a self assessment. I guess this is to catch those with other income too which pushes them over their personal allowances.
Ohh.... That sucks.
 

Ivex

Member
Joined
Sep 3, 2019
Messages
1
Reaction score
0
Points
21
Age
20
Yes but you have inform HMRC if you earn over the £1000 trading allowance and fill out a self assessment. I guess this is to catch those with other income too which pushes them over their personal allowances.
Wait, really? I was waiting till I reached national insurance levels which I was just under last year.
 

Sherliarty

Money Making Megastar!
Joined
Jan 26, 2016
Messages
424
Reaction score
116
Points
153
Yes, I am pretty sure that is right although I doubt the HMRC would chase after you as ultimately unless you have another source of income that takes you over your tax free allowance, you wouldn't owe any tax.
 

Kimilsung

Money Making Megastar!
Joined
Nov 26, 2018
Messages
496
Reaction score
102
Points
113
Age
52
Yes, I am pretty sure that is right although I doubt the HMRC would chase after you as ultimately unless you have another source of income that takes you over your tax free allowance, you wouldn't owe any tax.
How did her YouTube channel grow if you don't mind me asking?
 

Sherliarty

Money Making Megastar!
Joined
Jan 26, 2016
Messages
424
Reaction score
116
Points
153
Her channel is quite niche although there is a good community. Lots of posting and chatting to other YouTubers in the same field. She didn't do any marketing or anything. She's still quite a small channel though.
 
  • Like
Reactions: Kimilsung

Direct Links to Paid Online Work

Profit Accumulator Matched Betting Membership (£76 OFF membership price

Fluidstack - Earn up to $50 a month

Data Entry / Transcribe work with Fiverr

Neilson Mobile Panel - Earn from your smartphone!

Qmee Surveys (Instant Cashout)

Marketforce Mystery Shopping

Respondent - Online Surveys up to $250

TestingTime - Get paid to test websites


Amazon Discount Finder Tool

Find hidden 80%+ savings on Amazon products



 

 

 

 

 

 

 


GuruHosting

TMSPRESTO

Forum statistics

Threads
5,747
Messages
160,210
Members
8,804
Latest member
Stamford1905

Latest profile posts

Jet Lag tastic Glasgow-Amsterdam-Houston Texas-Amsterdam-Glasgow all in one weekend!!!
GloriaJones wrote on Leighleigh's profile.
STC wrote on Jon's profile.
Thank you Jon for approving my account :)
Jon
Happy Christmas Everyone!!!
my topcashback humming bird flew away :-(