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Scared witless of making money advice
Lex Further
Posted: 14 March 2022 23:27:43(UTC)
#21

Joined: 18/09/2021(UTC)
Posts: 181

Most people are afraid they can't make enough money and you are scared of the opposite.
I just started to work with the big data retail and the thing which i learned now - always trust professionals to do what they are doing and don't be afraid to ask questions. And yes we all know that you can earn big money without taking some risks, so enjoy and don't be afraid.
NoMoreKickingCans
Posted: 15 March 2022 10:18:32(UTC)
#22

Joined: 26/02/2012(UTC)
Posts: 4,470

Thanks: 4548 times
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Forgive my ignorance, but how exactly do you make money blogging ?

By people paying you to promote their product on your blog ?
By people having to pay to access your blog ?
By selling people stuff yourself alongside your blog ?
By hosting online ads on your blog and harvesting click revenue ?

I’d have thought it was incredibly hard to earn 85k unless you are famous, or get lucky with some viral following. But what do I know I suppose - people are weird.
1 user thanked NoMoreKickingCans for this post.
MJPM on 15/03/2022(UTC)
New Simon T
Posted: 15 March 2022 16:49:02(UTC)
#24

Joined: 19/07/2018(UTC)
Posts: 1,243

If the original OP is still reading I would investigate flat rate VAT

I have used this in the past when I ran a single person company when I had no allowable expenses - you charge the full VAT but only declare a smaller percentage (ie no defined input VAT) - and keep the change

Used to make me a tidy profit - which I could then take as dividends (my other revenue was under IR35)
New Simon T
Posted: 15 March 2022 16:54:47(UTC)
#23

Joined: 19/07/2018(UTC)
Posts: 1,243

NoMoreKickingCans;213984 wrote:
Forgive my ignorance, but how exactly do you make money blogging ?

By people paying you to promote their product on your blog ?
By people having to pay to access your blog ?
By selling people stuff yourself alongside your blog ?
By hosting online ads on your blog and harvesting click revenue ?

I’d have thought it was incredibly hard to earn 85k unless you are famous, or get lucky with some viral following. But what do I know I suppose - people are weird.


I would be guessing via Patreon subscriptions or google ad words etc.. it is very easy to monetise content if you have the ability to reach an audience

I have a friend who has a extremely successfully Pubg/World of Tanks you tube channel where people would happily give him £5-23 a video to keep giving content - he currently has hundred of thousands of subs
Joe C
Posted: 16 March 2022 14:14:05(UTC)
#26

Joined: 21/06/2019(UTC)
Posts: 443

Thanks: 253 times
Was thanked: 1053 time(s) in 311 post(s)
I fretted about the CIC thing for some time - I am satisfied (following various conversations with HMRC - and my accountant) that in all but the most obviously exceptional cases, it's a bit of a red herring. Most people will be unlikely to fall foul of CIC unless they either purposefully set about to exploit the system, or they don't keep an eye on the balance between investment profit and profit from regular trading.

When do you become a CIC? HMRC states that your company has to exist 'wholly or mainly' for the purpose of its stated trading activity. 'Mainly' is the key here - and HMRC will exercise fair judgement. eg If 95% of your profits come from regular trading activity and 5% from trading, no problem. If the amount from regular trading stops being the 'main' element, you could be in trouble. Neither they nor I seem to know where this line is. I suspect the fogginess is more to deter those who have set out to exploit the system rather than catch-out bona fide traders who happened to make a bit more than expected from investments on the side one year or another.

In terms of the benefits of LC vs sole: personally LC suits me more. For me, the ability to retain profits is one of the most useful perks. Were it not for retained profits, I would be paying a stack of cash at 45% on the additional rate. In reality, we (myself and t'other half) need not stray out of the basic rate for all our needs.

£400 should be sufficient for an accountant to handle the LC return, assuming your book-keeping is fairly in order.

PAYE can be done for free using HMRC's 'basic PAYE tool' (bit of a pain to set up, but HMRC can talk you through it on the phone and once you've done one, your monthly PAYE will take 1 minute,

Self Assessment can also be done for free (as it sounds like you've already managed) - dare I say it, HMRC have actually made something easy in this respect!

Finally - congratulations on your business!
1 user thanked Joe C for this post.
Mostly Retired on 16/03/2022(UTC)
Joe C
Posted: 16 March 2022 14:16:12(UTC)
#25

Joined: 21/06/2019(UTC)
Posts: 443

Thanks: 253 times
Was thanked: 1053 time(s) in 311 post(s)
New Simon T;214054 wrote:
If the original OP is still reading I would investigate flat rate VAT


The flat rate 'jolly' ended for most traders some time back, unfortunately,

3 users thanked Joe C for this post.
Mostly Retired on 16/03/2022(UTC), Ad B on 17/03/2022(UTC), New Simon T on 22/03/2022(UTC)
V.T Graham
Posted: 19 March 2022 10:07:38(UTC)
#27

Joined: 16/06/2013(UTC)
Posts: 36

Hi
I have been in a similar situation to you and needed to set up a ltd company for this particular enterprise.

As I was making good profits and banking large amounts I decided it was far easier to pay somebody to do what they were good at and concentrate on what I was good at.

Turn over on one company went to over £1000,000. and profits of 60%.

Found a very good accountant to do it all. Book keeping,Vat,self assessment, dividend payments. pension contributions and Paye. Cost per annum circa £5000.

Well worth the costs and all I did give them the books on a monthly routine.

Always look at the bigger picture and not sweat the small stuff.

Good luck with the business and remember to fully found the pension

Hope this helps
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