This is a collaborative post.
If you write a blog and make money from it you should already be registered with HMRC as a sole trader and know that at the end of every tax year, you need to file a tax return and depending on the amount of money you’ve earnt you may need to pay tax and National Insurance on your profits.
You may think that as a blogger you don’t need or want an accountant however there are some very good reasons why as a blogger you may need or consider having an account that specialises in accounting for sole traders now or in the future. Some of these reasons are as follows:
To help with tax planning
As already mentioned bloggers who make money from their blogs may be required to pay taxes on their income. An accountant can help a blogger to plan their taxes properly and ensure that they are not overpaying or underpaying taxes.
They can also help ensure that the blogger complies with all tax laws and regulations such as registering for and paying VAT if required and filing their tax returns accurately and on time to avoid any penalties.
To help save time
An accountant can save you a lot of time, they do all the financial admin work that can bog you down as this often takes up a lot of time – your time could be better spent on other things such as creating content and updating your blog.
An accountant can help with bookkeeping, which can include tracking income and expenses, managing accounts payable and receivable, and maintaining proper documentation for tax purposes. This can help you keep track of your finances and make informed financial decisions.
Track financial analysis
An accountant can provide a blogger with financial statements and reports that can help them understand the financial health of their blog. This can include analysing revenue and expenses, identifying areas where costs can be reduced, and identifying areas where they can save money or increase revenue. This can help the blogger make informed decisions about their blog’s financial health and future growth.
Help with Budgeting
An accountant can help a blogger create a budget that aligns with their financial goals and objectives. This can help a blogger manage their finances more effectively and avoid overspending.
Help with business planning
An accountant can help a blogger with financial planning, budgeting, and forecasting. They can also help set financial goals and create plans both short and long-term to achieve them.
Overall, an accountant can be a valuable asset for a blogger who wants to ensure that their finances are in order and that they are complying with any tax regulations. They can provide valuable financial advice and support to a blogger, helping them to manage their finances more effectively and grow their blog and/or business.
Are you a sole trader or blogger who uses an accountant or planning to use one in the future? If so, I’d love to hear about this in the comments below.
