I’ve now successfully completed my first official year of trading. I started in January 2007 - so what’s it been like?Well in a word - great. My website is vague when it comes to what I actually do to earn my money, however here is a rundown of what I’ve done over the last year.
My primary sources of income have been from (in order of earnings):
- Search Engine Optimization
- Pay Per Click - Lead Generation
- Website Development
- Adsense
My biggest worry has been taxes, not because I’ve spent too much simply because I just don’t understand how it all works beyond the basic principle of my expenses will be taken from my earnings therefore I’m not being taxed on things I haven’t earned. However from the start I knew I would claim for as much as possible after all, why not? If the Inland Revenue were to find a problem they can simply get it corrected.
This is another reason why I strongly recommend that all Self Employed and Business Owners should use an accountant. They will deduct everything which is deductable. It’s quite incredible. It has most likely saved me a lot of money.
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