Many social media influencers don’t realise that they are, in fact, running a business. And while social media influencing is a relatively new sector, it is still subject to many traditional and complex tax rules and regulations.
Savvy social media influencers can utilise tax planning activities to maximise their earnings and ensure they’re operating in the most tax efficient way both now and in the future. But many don’t have a plan in place.
We’re highly experienced in the world of social media, supporting influencers across all platforms but particularly YouTube, Instagram, TikTok and Facebook.
We help our social media influencer clients to better understand their sources of finance so they can act responsibly at all times, including:
- The difference between gifting and advertising
- Whether to pay tax on gifts, freebies and samples
- Trading and non-trading influencers
- If and when to incorporate the business
- Swapping non-transferrable gifted items for money
- Accounting for VAT
- Forecasting and financial planning for mortgage and other finance applications
If you work in the social media sector and require a personal service to help you get to grips with your tax, we’ll hold your hand throughout the process and connect you with other industry professionals – such as expert legal teams and insurance brokers – to support you along the way.