I’m in the process of doing my UK tax return for 2014-2015. Unfortunately, Envato’s way of invoicing and accounting is a bit cumbersome. For example: Envato issues invoices on my behalf. But the invoices only show the Item Price, and are missing the Author Fee.
Any other UK-based contributors here? How do you approach this?
To fully comply with UK law, I guess I would have to add up all the invoices as “income”, and then later deduct Envato’s Author Fee as a business expense, right? However, I don’t have any receipt for that Author Fee. OK, I can see the Author Fee when I log into my Envato account. But that’s not an official document that would satisfy HMRC!
Besides that: Adding up invoices for each individual sale is time-consuming. I guess it could be automated in a spreadsheet, but I don’t think Envato’s downloadable CSV reach back that far in time.
The other option I can see is to write my own monthly invoice (from me to Envato), valued at the amount paid out by Envato to me. Basically, for the amount that goes into my bank account.
Not sure if that’d satisfy the UK’s legal tax requirements though…
Any ideas? How do you do this?