I’m A YouTuber, What Can I Claim As Expenses?

YouTube Expenses Deductions Guide

Since the Covid pandemic at the start of 2020, more and more people have started their career on platforms such as Twitch, YouTube, OnlyFans and more, so understanding YouTube expense deductions could get confusing.

…But, a lot of people still don’t understand the tax around working on one of these platforms. Like any other job, you will have to pay Income Tax and National Insurance, but when it comes to these platforms you will have to do your taxes yourself, or get an accountant to do them for you. What you might not know is that there are a few things that you can claim as expenses as a YouTuber.

Streaming on YouTube can be more than fun outlet. You can make some serious money by connecting with the right audience and gaining revenue in many different ways. What started as a fun way to spend your free time can turn into a full-time job/business with the right steps.

As an accountant company that specialises in working with digital entrepreneurs, we’ve put together a list of common expenses for YouTubers. We hope our guide helps you understand what items you can claim and set you up for success. Make sure you make a list of all expenses thoroughly and keep all those receipts – they will come in handy!

So, What Can A Youtuber Claim On Expenses?

When it comes to expenses, you need to make it clear that they are directly related to your business, and necessary for its function. HMRC uses the term ‘wholly exclusively and necessarily for business’ which is one to remember as part of the general expenses rule.

However, there are a few items that can be tricky to figure out.

Below you will find FAQs that we have been asked before.  As long as the things listed are for your business and not for personal use, you can claim them as expenses.

  • Cameras – Cameras, lighting, microphones and other filmmaking equipment are key parts of your business. Let’s Play streamers such as Jacksepticeye, Markiplier, GameGrumps and more all have cameras to let their audience see their expressions when they play and experience games. All these items can be claimed as expenses. These are probably the clearest example of a business expense for YouTubers.
  • Editing Software – This falls under filmmaking equipment. There are a lot of editing software out there on the internet, some you can just simply buy, and others you will have to set up a subscription. One of the most popular out there is Adobe Premiere Pro. Adobe is a monthly subscription. So when you are doing your self-assessment tax return or your company accounts you will need to put down how much you paid every month.
  • Home Office – This is a great example of something that should be claimed as an expense for a YouTuber. As long as you use items such as computers, monitors, etc for business use only you can claim fully on them. You can also file a partial claim on your internet, rent, mortgage, council tax, etc.
  • Travel Expenses – Yes, you can claim on travel expenses, but only if they are specifically tied to your YouTube channel and the production of videos of your business meetings. Make sure you keep a log of any and all travel expenses – train/bus/plane tickets, and taxi receipts that are business related. If you drive your personal vehicle, you can keep track of mileage done exclusively for channel purposes as you may be able to claim your mileage. The best thing to do is keep a log of where you have travelled and why. The more information you have noted, the better should it ever be queried.
  • Clothing – Now, this is a tough one. Generally… no, you can’t claim on clothing. It can be seen as general living expenses, so most items of clothing are not seen as a business expense. BUT! Any branded clothing or pieces that are essential to your image you may be able to claim. It’s a really fine line.

These are only the most common FAQs we’ve been asked, there’s a lot more that people don’t understand if they can and cannot claim as expenses. If you want to learn more about what expenses you can claim, or about part claims for items you also use for personal use, get in touch with the Worth It Accounting team to get a free consolation. You could be missing out on thousands of pounds or worse – that most fearful brown letter! Get in touch and let us show you how we can help you.