Influencers

 As an influencer, it's important to stay on top of your finances and understand the tax implications of your income. Some basic points to be aware of from a tax perspective:

Firstly, it's important to register as self-employed with HM Revenue & Customs (HMRC) if you're earning money as an influencer. You might be wondering "how do I register as self-employed" - the process is very straightforward, you can find out more directly from HMRC here: Check how to register for Self Assessment - GOV.UK (www.gov.uk) or your can get in touch and we can guide you through the process or complete the process for you, you choose!

Secondly, you'll need to keep accurate records of your income and expenses, including any sponsored posts, affiliate marketing, or product placements. This will help you to complete your self-assessment tax return at the end of the year. Depending on the volume of transactions, you might be best to get software. But we recommend starting simple, use a notebook or spreadsheet until that becomes too difficult to manage.
 

Thirdly, you need to monitor your turnover and consider whether you need to register for VAT. This can be a more complicated area and we recommend seeking professional advice on this. We can of course help you with this if needed.

Finally, it's worth noting that there are certain expenses that you can claim as a self-employed influencer, such as travel costs, equipment, and marketing expenses. Make sure to keep receipts and records of these expenses to ensure that you're not paying more tax than you need to. From a tax perspective, costs which are "wholly, exclusively and necessary in the course of your business are generally (but not always!) deductible form your profits. However, as an influencer, it's likely you have many costs which have "duality of purposes" and hence care should be taken before claiming tax relief on your costs. We recommend seeking professional advice on this which again, we can help with.

 

We are well versed in helping our influencer clients navigate the world of tax and develop tailored solutions to suit each clients needs. Contact us today to see how we can help you.