I have a client who is retired and has income from state and private pensions.
She recently told me that during the Covid lockdown she started to write a book based on her personal experiences which she believes will be of interest to others.
As I understand things the book is approaching completion and may be published towards the end of the current tax year or perhaps early in the next one.
Her main ‘expense’ so far is the considerable amount of her own time that she has invested into the writing process. However she has also incurred actual monetary costs in printing draft copies. She has also paid an editor as well as a proofreader for their assistance.
I am wondering how I should deal with this for tax purposes. Could I say that with the possibility of publication now being more of a reality ...
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