Magazine magnate

A new client is in employment and is a higher rate taxpayer but is thinking of starting a website and a local magazine that would be available to the general public. His employment would continue.

It seems that his plan is to start the website first as this would enable him to amass information and sources for material. There would be some costs associated with getting this off the ground; e.g. office space website design and some wages.

He does not envisage the website generating much income at least in the initial stages although ultimately there may be some advertising revenue. After a few months his plan is to then start the monthly magazine.

This will use material taken from the website which will have been updated daily. He hopes to be able to sell copies of the magazine each month and that this...