First year Trading & Taxes.

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):

1. Search Engine Optimization
2. Pay Per Click – Lead Generation
3. Website Development
4. 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.

"Not everything that can be counted counts, and not everything that counts can be counted."