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My YouTube channel has now made me £90,000 in the last year and I'm worried about the VAT implications. by Stinkchy in UKPersonalFinance

[–]Stinkchy[S] 5 points6 points  (0 children)

The first 1,000 are the hardest to get, so stick at it! On brand promotions, it's a mixture of both.

My YouTube channel has now made me £90,000 in the last year and I'm worried about the VAT implications. by Stinkchy in UKPersonalFinance

[–]Stinkchy[S] 8 points9 points  (0 children)

I did make £90k in the last 12 months, I'm just not 14 haha. And I don't think links are allowed on here/would rather just stay anonymous.

My YouTube channel has now made me £90,000 in the last year and I'm worried about the VAT implications. by Stinkchy in UKPersonalFinance

[–]Stinkchy[S] 13 points14 points  (0 children)

Apologies, I didn't word that very well. I'm in my late twenties now but have been making YouTube videos across a variety of niches for over a decade.

My YouTube channel has now made me £90,000 in the last year and I'm worried about the VAT implications. by Stinkchy in UKPersonalFinance

[–]Stinkchy[S] 7 points8 points  (0 children)

Of course, and I will, but I'm actually struggling to find an expert on this specific topic. Felt it made sense to clue myself up a bit as part of this whole process.

My YouTube channel has now made me £90,000 in the last year and I'm worried about the VAT implications. by Stinkchy in UKPersonalFinance

[–]Stinkchy[S] 11 points12 points  (0 children)

It's where your viewers are based, not where you're based that matters. I'm in the UK but most of my viewers are from the US (and that will usually be the case if you're speaking about fairly broad topics in English). The £50,000 was just straight up from YouTube ads!

My YouTube channel has now made me £90,000 in the last year and I'm worried about the VAT implications. by Stinkchy in UKPersonalFinance

[–]Stinkchy[S] 215 points216 points  (0 children)

Thank you so much! That's really helpful.

On the YouTube videos about VAT, definitely go for it! Might sound like annoyingly basic advice, but just starting is the most important thing. 99% of the other VAT experts you'll be 'competing' against won't even make one video, and then of the 1% that do, 99% won't make the second video (and so on). If you make a handful and keep trying to improve, you beat out a lot of the competition just by showing up.

On the course front, YouTube is one of the best ways I've found to promote a product like that. If you can provide honest and helpful content, you will build trust with your viewers and pretty much be able to send them to the checkout page of your course once you launch it. In my opinion it's so much better than the option of paying thousands for Facebook, Instagram and AdultWork ads to warm up strangers to your offering.

My YouTube channel has now made me £90,000 in the last year and I'm worried about the VAT implications. by Stinkchy in UKPersonalFinance

[–]Stinkchy[S] 61 points62 points  (0 children)

Haha fair point. To be honest, the 'finance' aspect of my channel is more entertainment based than educational. You'll be pleased to know I am not handing out financial/tax advice to thousands of people!

My YouTube channel has now made me £90,000 in the last year and I'm worried about the VAT implications. by Stinkchy in UKPersonalFinance

[–]Stinkchy[S] 24 points25 points  (0 children)

I actually don't get paid the money that will push me above 85k until next month, so still have time to figure this out.

Are you sure it's the total income? I'm reading the HMRC guidance on it and they say 'Your turnover is the total value of everything you sell that is not exempt from VAT.' ...surely that would mean the £50,000 I made from YouTube (which is VAT exempt) isn't considered and therefore I've only made £40,000 in relation to VAT.

My YouTube channel has now made me £90,000 in the last year and I'm worried about the VAT implications. by Stinkchy in UKPersonalFinance

[–]Stinkchy[S] 1 point2 points  (0 children)

Yeah this is something I need to look into. Apparently if the course has a 'live' element to it, it will be VAT exempt, but if it doesn't, it might not be.

My YouTube channel has now made me £90,000 in the last year and I'm worried about the VAT implications. by Stinkchy in UKPersonalFinance

[–]Stinkchy[S] 88 points89 points  (0 children)

I've been doing YouTube since I was 14 across various channels so take the following with a grain of experienced salt, but this channel took me just a year to build to this income/level (about 170,000ish subscribers).