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The online world of social media has made it possible for savvy individuals to make a living by regularly posting content to various platforms. Some of these people make a serious amount of money doing this, and it has started a whole new industry, with job titles such as online content creator, social media influencer, and digital entrepreneur.
While some content creators work alone, others have a supporting team who are effectively on the payroll. But no matter whether they're self-employed or running a limited company, they have one thing in common: they have to deal with tax and accounting matters.
Are you a content creator? Are you struggling with your tax returns and bookkeeping? If so, Auditox Accountancy can help you! We have a specialist team of accountants for content creators who will take away the stress and hassle of accounting, leaving you to focus on your work.
Basically, you have three options: muddle through your accounts yourself; hire a traditional accountant; or hire an accountant that is familiar with your chosen industry.
With Auditox, you get the latter. Our highly-trained accountants have an excellent knowledge of the world of content creation. They work closely with social media influencers and online content creators, sorting out their financial affairs and offering tax advice that's relevant to the industry and the individual's specific circumstances.
Clearly, this gives them an advantage as they are better equipped to assist you without the need for lengthy explanations about your work. From the outset, you'll be singing from the same hymn sheet, as the saying goes. This helps to create a brilliant working relationship built on a foundation of trust and understanding.
So, we're off to a great start, but what else can we do for you?
Our comprehensive accounting services include everything you'd expect from a professional accountant and more!
If you are self-employed, you will have to submit a self-assessment tax return each year if your earnings exceed £1,000.
Once you have completed this, HMRC will calculate your taxable income, and you'll pay tax on this amount.
It's essential to get all the details right, particularly your allowable expenses. Knowing what you can or can't claim is key, as this will affect the amount of tax you pay. Also, claiming expenses wrongly can lead to problems. You need to know whether you can claim for things like appearance fees, subscriptions to stock photo libraries, merchandise or beauty products. The basic rule is that they must be solely for business purposes, but there are exceptions.
Your dedicated Auditox accountant will go through each page of the form to ensure that it is completed accurately and swiftly. They will make sure that all the expenses are correct and will submit the completed return before the deadline.
Content creators often have multiple income streams, resulting in an irregular income. This makes it difficult to keep track of your finances and can affect your tax obligations.
We will examine your tax position to ensure that you are not paying either too little or too much tax. We will also explore legal methods of reducing your tax bill so you get the most out of your income.
You'll still pay the required amount, but we will make you tax-efficient, meaning that you pay the minimum amount possible without ramifications from HMRC.
We will help you to manage the transactions in and out of your account. This can be a tricky task, as your income will possibly come from multiple sources through commissions, donations, sponsorship, etc.
You'll also have overheads and expenses to account for, and it's sometimes difficult to separate private and personal transactions. While you might be great at identifying revenue streams, you might not be quite so good at keeping tabs on where the money is coming and going!
However, it's wise to keep your finances simple and keep track of what's what.
Our expert accountants for content creators will set you up with easy-to-use software that helps you control your cash flow situation. You'll have secure, convenient access to this at any time via a range of devices.
We can also create a cash flow projection based on your current position and income, giving you a good idea of what to expect. This allows you to plan better for the future and take action where necessary.
As relatively new professions, it's often difficult for content creators, social influencers and digital entrepreneurs to get professional advice.
Our accounting services include expert advice on all matters relating to the world of content creation, including:
Some of these may not apply, but others definitely will affect you at some point, and it's always good to know that someone is there to offer support and advice.
Our accountants for content creators and social media influencers don't just handle your financial affairs, they are also available for unlimited business advice by telephone or email whenever you need them.
Whether you're self-employed as a freelancer or you're a business owner, you chose a career as a YouTuber or TikTok influencer for several reasons, and one of those was almost definitely this: you love your freedom!
Creating content can be a lucrative business, and you want to make the most of it. You want a certain amount of freedom in your lifestyle, travelling where and when you want to, working your own hours and setting your own limits.
That's why hiring an Auditox accountant is a great move - you get a cost-effective solution that gets your accounts and taxes in order, leaving you more free time to do what you do best.
Call us today, and we'll form a team that takes your content to new heights!
As a content creator, you can claim deductions on expenses directly related to your content creation activities. These may include costs for equipment, software subscriptions, a portion of your home used as an office, and travel expenses for work-related trips.
Yes, an accountant can guide you through the complexities of international taxation, including Value Added Tax (VAT) and other cross-border financial obligations. They can also assist in currency conversions and managing foreign income.
You'll need to keep detailed records of all your income sources, as well as invoices, receipts for business expenses, bank statements, and any other financial documents. The more organised your financial records, the more efficiently your accountant can work.
If you're audited, an accountant can provide invaluable support by preparing all necessary documentation and serving as an intermediary between you and the tax authorities. They can also help ensure that you are compliant with tax laws, potentially saving you from penalties.
As a content creator, you can claim deductions on expenses directly related to your content creation activities. These may include costs for equipment, software subscriptions, a portion of your home used as an office, and travel expenses for work-related trips.
Yes, an accountant can guide you through the complexities of international taxation, including Value Added Tax (VAT) and other cross-border financial obligations. They can also assist in currency conversions and managing foreign income.
You'll need to keep detailed records of all your income sources, as well as invoices, receipts for business expenses, bank statements, and any other financial documents. The more organised your financial records, the more efficiently your accountant can work.
If you're audited, an accountant can provide invaluable support by preparing all necessary documentation and serving as an intermediary between you and the tax authorities. They can also help ensure that you are compliant with tax laws, potentially saving you from penalties.