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Aug 21, 2024 · From accurately reporting income and valuing non-cash benefits to claiming legitimate expenses and understanding the international tax implications, influencers, content creators and their agents must take a proactive approach to satisfying their tax obligations.
May 17, 2024 · Are you a social media influencer or content creator that receives gifts or get paid for posts? We explain how this affects your tax bill.
Oct 24, 2024 · With influencers bringing a particular set of accounting issues to light, they are naturally starting to attract the attention of tax authorities. People’s opinions about influencers and content creators are like Marmite – you love them, or you hate them. Some will view their content because they relate to them and may even aspire to live a ...
We cover when content creators need to declare income from their social media accounts to HMRC, how to register as a self employed influencer or blogger, self assessment taxes, paying tax and completing an annual tax return.
- Introduction
- Should I Register My Blog Or Social Account as A Business?
- What Is Taxable Income For A Blogger Or Influencer?
- What Are Allowable Business Expenses For Content Creators?
- Working Abroad
- What Bookkeeping Do Influencers Need to do?
- Does My Content Business Need to File A VAT Return?
- Need Tax Advice For Your Content Business?
Are you a digital entrepreneur who’s unsure about their tax responsibilities? Whether your hobby is vlogging, blogging, reviewing, or streaming, if you earn money (e.g., royalties and advertising fees) or receive gifts (e.g., products, holidays, or accommodation) from it, then HMRC could class you as having taxable income, and require you to submit...
Many social influencers and content creators use their accountsand websites as creative outlets, but as their hobby evolves, they might start to earn money. From HMRC’s perspective, if you receive income, you’re most likely considered a business, which means you’ll need to register, and pay tax if the income exceeds £1,000. If you’re not sure, ask ...
As an influencer or content creator, you’re probably receiving gifts in exchange for writing about them on your blog, or sharing them on your social media accounts. Gifted products count as taxable income, and each product must be included in your tax return – rules around whether you should declare products at their retail price, real value, or ma...
When you’re a self-employed content creator, claiming for allowable business expensesis the simplest way to reduce your tax liability. Typically, most things that you pay for in your business will be tax deductible, and could include the following: 1. Marketing costs – website creation, hosting, PPC advertising, online SEO 2. Equipment –laptops, co...
If you’re paid to work abroad (e.g., for a photo shoot or hotel review) by an overseas company, you might have to pay tax in that country, in addition to UK tax. You can usually claim tax reliefon your Self-Assessment to get all or some of this tax back, depending on the double taxation agreement in place.
It’s a legal requirement for content creators to keep documents that support their statement of income and expenses – such as agency statements, client invoices, receipt expenses, and business bank statements. You must keep hold of these for six years after the tax year submission – doing gives you supporting evidence if HMRC queries any figures on...
VAT (Value Added Tax) is a government tax on goods and services. You’ll only need to register for VAT if your business has as turnover of £85,000 or more – once registered, you must charge your customers VAT, deduct VAT you’ve paid to any suppliers, and submit VAT returns (usually quarterly).
At Mercian Accountants, we work with a range of influencers and content creators, across a multitude of platforms in the entertainment industry. We can advise what works best for your business, so you pay the right amount of tax, at the right time, whilst making the most of available reliefs – in line with HMRC regulations. Contact our expert tax t...
May 11, 2023 · When it comes to taxes for UK digital content creators and influencers, it’s essential that you get the tax obligations right. Since blogging, influencing, and digital content creation are new business areas, you need to avoid time-consuming and costly tax investigations or disputes by the HMRC.
Once you exceed this amount, your earnings will be taxed at different rates: Basic Rate: 20% for earnings between £12,571 and £50,270. Higher Rate: 40% for earnings between £50,271 and £125,140. Plus, once you earn £100,000 or more, you’ll lose £1 of your personal allowance for every £2 over this threshold.
