- Home
- What are we
- Who we help
-
- How we help
-
-
-
- Accounting
-
- Advisory
-
- Business Support
-
-
- Resources
Social media influencers have taken the 'online world' by storm in the past decade or so, and this is now a multi-billion pound industry. With the advent of TikTok and the ever-popular YouTube platform, it has become much easier for content creators to make a living as influencers, leading the way in lifestyle trends and fashions of all kinds.
But once they start to monetise their social media accounts, they need to deal with all the boring stuff, like tax returns, paperwork, and accounting. While this isn't a problem if you're earning less than £1,000 per tax year (the limit set by HMRC as a trade allowance), some influencers earn significantly more than this. That's why many of them hire an accountant to handle all of these issues.
Whether you're just starting out on your journey as a social media influencer or you're an established online content creator, you could benefit from our professional advice and assistance. At Auditox Accountancy, our trained team of accountants for influencers specialise in helping people just like you.
How can we help you, exactly?
Check out some of our services here...
As you'll be classed as self-employed, you'll need to complete a self-assessment tax return each year to determine your taxable income.
This can be a tedious job, and the questions are often confusing as you might not know whether they apply to you or not.
We can go through the process with you and help with the difficult questions to get the assessment completed swiftly and sent off in plenty of time.
Claiming expenses is one of the biggest headaches when sorting out your tax returns!
Most social media influencers and content creators work from home or are on the go, working out of hotels, cafes, the beach, or wherever they happen to be at the time. This makes it difficult to figure out their allowable expenses. The problem is that there have to be costs related to the business, and that's not easy when you're at home or out and about rather than based in an office or studio.
Our social media influencer accountants are familiar with this problem and will guide you through the process without a hitch.
So, the money is rolling in, and that's great. But if you just let it pile up in your account without taking stock of your financial affairs, you could run into trouble.
Few digital entrepreneurs or social influencers consider themselves a 'business owner', but that's precisely what they are. Whether you act alone or pay others to help you, you're effectively running a business in the eyes of HMRC.
So, you need to change the way you think and start planning for the future, both in terms of your business and your private life.
Our expert accountants will help to keep your finances simple while maximising your income and planning for your future. They will advise you on savings, investments and pension funds so you can relax in the knowledge that your money is working for you.
Learn more: How likely are you to be investigated by HMRC?
Learn more: How far back can HMRC go?
You've got to pay tax on your income as a social media influencer, and there's no way of avoiding this (well, not legally!), but you can avoid paying too much tax.
Our dedicated accountants for influencers will explore all legal and approved methods of reducing your tax obligations, saving you money and helping you get the most from your chosen career.
We understand the complexities involved when you have different revenue streams and income from multiple sources, and we'll make sure that you are tax-efficient.
It's never a good idea to use a private bank account for business purposes - things can get very confusing! It really pays to keep your financial affairs for your business dealings separate from your private life.
We will seek out the best business bank account for you and help you get set up. Most good banks will provide a dedicated account manager, and we can liaise with them on your behalf if necessary.
It's a simple enough concept, but bookkeeping has caused the downfall of many small or medium-sized businesses.
Basically, you need to keep a close eye on your income and expenses, keeping tabs on invoices and receipts, but this is often easier said than done!
We'll help you manage your financial affairs to ensure that your expenses are kept under control and that they don't exceed your income.
Our cloud-based accounting software is simple enough to use and can be accessed securely from different devices, helping you to stay in control, wherever you may be.
If your career seriously takes off, you could hit the VAT threshold, in which case, you'll need expert advice.
We will handle the registration process and calculate any VAT you need to pay, then complete and submit the VAT return to HMRC for you, leaving you to get on with your passion.
The above headings offer an insight into our services for content creators and TikTok influencers (or any other social media influencers!), but we also handle the following:
Contact us to discover more!
At Auditox Accountancy, we train accountants for all kinds of specialised industries and niches, including online content creators and social media influencers. We recognised the need, even though these are relatively new professions, and invested in the relevant training.
While you could hire a run-of-the-mill accountant from anywhere, we offer a clear advantage in that our accounting services are geared specifically toward helping influencers just like you.
We offer cost-effective accountancy services for a small, fixed monthly fee, with a dedicated accountant who is available at all times to help you, whether it's arranging tax returns or giving advice on appearance fees for tax purposes.
So, whether it's a full-time job or a lucrative hobby, get in touch with us today and let us handle the stuff that gets in the way of doing what you do best - creating content that inspires your followers.
Influencers in the UK must be aware of double taxation when they earn income from other countries. Special tax treaties may exist between the UK and the foreign country, so it's crucial to consult a specialised accountant who can help navigate the complex landscape of international taxation.
Registering a limited company can provide tax benefits and limited liability for UK influencers. However, the decision should be made in consultation with an accountant to assess whether the administrative responsibilities and costs make it a suitable option for your brand.
For influencers operating as a limited company in the UK, a separate business bank account is a legal requirement. Even for sole traders, it's strongly advised to keep personal and business finances separate for easier accounting and tax reporting.
UK influencers should maintain meticulous records of all income and expenses, including invoices, bank statements, and receipts for business purchases. These records must be kept for a minimum of six years according to UK tax laws and are crucial for accurate tax returns.
Influencers in the UK must be aware of double taxation when they earn income from other countries. Special tax treaties may exist between the UK and the foreign country, so it's crucial to consult a specialised accountant who can help navigate the complex landscape of international taxation.
Registering a limited company can provide tax benefits and limited liability for UK influencers. However, the decision should be made in consultation with an accountant to assess whether the administrative responsibilities and costs make it a suitable option for your brand.
For influencers operating as a limited company in the UK, a separate business bank account is a legal requirement. Even for sole traders, it's strongly advised to keep personal and business finances separate for easier accounting and tax reporting.
UK influencers should maintain meticulous records of all income and expenses, including invoices, bank statements, and receipts for business purchases. These records must be kept for a minimum of six years according to UK tax laws and are crucial for accurate tax returns.