UK Business expenses whilst travelling

[dyt100]

Hi guys, I'm wondering if any of you can help me.
I make a living in quite a unique way by selling promotions/ adverts on social media accounts such as instagram with an extremely high following.
These accounts are themed social media accounts such as animals, fashion etc.
In my first year I wasn't expecting to even make enough to pay tax, however since I was making money from my mobile phone and laptop, I decided to travel whilst working.

Money is paid via paypal, then from paypal straight into my personal bank account. At the time I didn't even think I needed a business account.
After soon coming to realisation that I'm making a taxable amount (£46k in the first year) I got an accountant, set up my business as a limited promotions company and paid my tax for the year, with the only business expense being my mobile phone.

I'm now well into the second tax year ending in April. This year I've made a lot more, however last year I created a new social media account featuring travel photography, as its a big passion of mine. This account has now got way over half a million followers. I sell promotions on there, but I also post my own travel photography to keep the account interesting and going. As its growing fast, I decided to launch a travel website, again to sell travel related promotions on.

Here comes my question. I will be spending the upcoming year taking photos/ videos from around the world to post on this social media account, along with the website. By doing this it keeps the account alive and gains it a lot of exposure (which is needed to continue selling promotions and adverts)

Given that this is my full time job, and this year pushing around £70k income (way over the 40% tax bracket) am I able to claim back flights, camera equipment, hotels, and trips as business expenses? (These are literally my only expenses)

Any advice is greatly appreciated!
Thanks

 

[Samir]

I've also run a web-business and have had these questions. (US based so your region may differ.)

Easy way to think about it is this--if you would outsource the content creation, would it cost you? Would it cost you more?

Capital equipment like cameras can be treated like any other business asset. Travel expenses and hotels can also be handled in the same manner, although in the US there is a limit on how much this can be expensed.

Hope this helps.

 

[GFinance]

You can claim capital allowances on your capital spend as long as they are used wholly and exclusively for your business.

You can claim expenses on travel again if it is for the purpose of business.

If you now run a limited company and are a director you can take dividends from the company as it is more a tax efficient way of having income.