Should my book rights be owned by my business or me personally?
As a book coach, I would advocate for your book rights going through your business and not through you personally.
Why should your business own your book rights?
Let me illustrate this point through my example.
I’m a book coach, I teach people how to write business books, and I help them publish their books.
When I published my book, I spent several thousand pounds here in the UK to get my book to a professional publishing standard.
I spent a lot of money on an editor, on a great publisher, on someone great at converting the manuscript to Kindle, a superb cover designer, a great typesetter etc.
These people are brilliant at what they do, and that’s why they cost money.
I was willing to incur these costs because my book, The Freedom Master Plan, is directly related to what I do in my business.
It’s all about why you should become an author and teaches you how to leverage your business book to build your business. Also, because my business owns my book, my book became tax-deductible.
That’s the beauty of it. And it’s something that you can do for your book too.
If your book directly relates to what you do in your business, if it’s directly generating leads and sales for you, then it becomes tax-deductible.
However, I’m talking specifically about the UK. So if you’re from the US, Australia, Canada, parts of Europe, or anywhere else, do check out the tax rules for your particular country.
In the UK, if you hired someone like me, a book coach, to help you write a book, and if the book is directly related to what you do in your business, then as a coach, consultant, expert, entrepreneur, etc., it is tax-deductible.
So this makes the whole process cheaper for you. For that reason, I believe that the book should be done under your business and not under your name personally.
Now, here’s a caveat!
Make sure that your book directly relates to what you’re doing in your business.
Don’t try to lie about it. Don’t create a general nonfiction business book and put it through your business.
You could end up getting into a lot of trouble with the authorities.
The whole point of your book is to increase your visibility and generate leads and sales for your business.
You want people to know about your book. You’re putting a beacon out there and saying, “Hey, look at me.”
So if the book doesn’t directly relate to your business, then the people who could be looking at you are the people working for the tax department.
You can get into a lot of trouble!
But, if the book directly generates leads and sales for your business, then you will be fine to class the associated professional fees as tax-deductible… making your whole book journey cheaper!
If you’re interested in writing a business book that will generate leads and sales for your business, get a copy of The Freedom Master Plan that will explain everything you need to know about writing and marketing business books.
You can also download a sample chapter here