Our specialist tax advisors were referred to a family with a huge social media following. A hobby for one member of the family quickly turned into a career for the whole household, as they transformed their day-to-day lives into a lucrative social media business. With millions of subscribers across their channels, profits were streaming in from advertising revenue.
In year one, with earnings of around £250,000, the family called in help from a local, high street accountant. They had no business experience and needed support with their self-assessments, together with advice on avoiding unnecessary taxes.
By year two, profits had leapt to £2.3m, meaning the social media influencers were paying a considerable amount of higher rate tax. They decided to seek support from expert tax planners who could better cope with the ever-increasing scale of their business.