The internet has brought to life an abundance of professions and career paths, and an area that’s seen exponential growth in recent years is streaming and competitive gaming.
Professional streaming and esports has a huge amount of momentum behind them, with events regularly experiencing millions of viewers and mindboggling prize pools. They’re only going to get bigger as more and more people see themselves streaming for fun and profit, as well as taking their competitive gaming seriously.
Some of the biggest streamers on Twitch make upwards of $800,000 a month, and that’s purely from their subscribers and viewers. Like professional athletes, they also have extremely lucrative sponsorship deals with top brands, which has created a huge wave of young multimillionaires who play videogames for a living.
However appealing that sounds, it doesn’t happen overnight and takes years of dedication to build up a loyal following. However, if you’re lucky enough to be at the point where you’re starting to make money from streaming or esports/competitive gaming, don’t forget about keeping your finances in check.
It’s important to declare your earnings and pay any tax you owe, and to keep the receipts/emails of any of your expenses. With lots of pricey equipment associated with streaming and gaming, you can can expense a lot of the hardware you purchase.
At Dead Simple Accounting we charge just £275 including VAT for self-assessment tax returns, and can take you through the entire process.
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What Expenses Can Streamers and Professional Gamers Claim?
Below are some expenses that you may be able to claim as a streamer or professional gamer. As mentioned above, it’s vital you keep hold of any paperwork around your purchases:
- Equipment such as computers, headphones, microphones, cameras, lighting etc.
- Software, such as editing and streaming software.
- Games, if they are used for the sole purpose of streaming/creating content.
- Travel costs, for example if you are travelling to a tournament or event.
- Internet, especially if you have a highspeed connection
- Marketing & advertising, such as design associated costs
Generally speaking, most things that are used solely for your business can be claimed as an expense. However, when you use something for business and pleasure, such as a gaming PC, it can get very complicated.
Need Further Help?
If you have further questions or require assistance concerning accountancy for streamers or professional gamers, be sure to get in touch with us as soon as you can!
These days there’s an abundance of tools and resources at your disposal, software that handles your invoices and expenses, to mobile based banks that cut the boring paperwork.
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