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Where Taxpayers and Advisers Meet

When Do I Become Self-Employed?

Mikethebook
Posts:32
Joined:Wed Aug 06, 2008 4:09 pm
When Do I Become Self-Employed?

Postby Mikethebook » Wed Feb 03, 2021 5:00 pm

Since 2008 I been writing . . . as a hobby since I've never had any income from it. I tried to get a children's book published but without success though I haven't given up. But next week I sign a contract for the publishing of a non-fiction book I've written. The book will not come out until the Autumn and since royalties are only paid out every October, I may not see any income until October 2022. So when does my self-employment begin?

There is a related matter. I have incurred expenses related to publishing this book and they may lead to a loss at the outset. But since 2008, I have also spent a not insubstantial amount on writing in general, including courses on learning to write and professional services connected with improving my children's book, valid writing expenses. Will I be able to set those off against my first year's income to produce a greater loss to carry forward?

Many thanks.

pawncob
Posts:4697
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: When Do I Become Self-Employed?

Postby pawncob » Wed Feb 03, 2021 9:10 pm

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim46351
With a pinch of salt take what I say, but don't exceed your RDA

Mikethebook
Posts:32
Joined:Wed Aug 06, 2008 4:09 pm

Re: When Do I Become Self-Employed?

Postby Mikethebook » Thu Feb 04, 2021 1:19 pm

Thanks very much!

Incredulum
Posts:2772
Joined:Thu Dec 03, 2009 5:35 pm

Re: When Do I Become Self-Employed?

Postby Incredulum » Sun Feb 14, 2021 8:48 pm

Beware, training courses will probably not be tax deductible as they are regarded as capital expenditure.


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