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Posted Sun, 30 May 2021 17:09:02 GMT by Steve Walters
I have started using YouTube to support my main self employment during Coronavirus, however I have also set up a separate channel focusing on computer games. Do I need to set up the second channel up as a separate business (I intend to monetize the channel and it is not related to my main business at all). With the second channel, as the main expense will be the games themselves, since the equipment has already been purchased, would the cost of the games be classed as a business expense, or a proportion of the cost. Would my main business have to "charge" the second business for the use of the equipment, or can the costs be assigned to just one business to make the accounting easier? Many thanks for any advice
Posted Fri, 04 Jun 2021 10:37:56 GMT by HMRC Admin 8
If the 2 self employment businesses are not connected you will need to register as 2 self employment businesses and keep seperate records for each.
As you have purchased equipment that both businesses use you would only be able to claim the cost once either against your main or a split between the two businesses.
The cost of the games would be a business expense minus any personal use you may have of the games.
Posted Fri, 06 Aug 2021 09:12:47 GMT by westernn n
Hello, I am a UK resident, my mum is not a UK resident. She wants to gift me 15000€. Do I have to declare the money? Or to pay tax? Thank you.
Posted Mon, 09 Aug 2021 14:37:08 GMT by HMRC Admin 24

This money would not be subject to Income Tax unless it generated interest in your bank account once transferred.

The interest would then be subject to tax. 

Thank you.

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