Do you consider yourself an influencer, a blogger or a digital entrepreneur? Whether you’re creating YouTube videos, sharing your life on your Instagram feed, or are producing a much-loved podcast, this industry is rapidly growing in the UK and all over the world.
Whist these are all relatively new professions and you might not even consider it a full-time job, you are likely to still liable for tax based on any earnings greater than £1000 outside of your normal income. Any free gifts you receive might also be taxable.
When you’re an influencer, it’s understandable that your hectic lifestyle leaves you little room to get your finances in shape. That’s where a little delegation comes in. Outsourcing your finances to an accountant is a great way to spend more time on what matters most to you, creating content that your followers love.
How do I know when the time is right to get an accountant?
Here are some tell-tale signs that the time is right for you to hire an accountant.
You are earning money or are receiving free gifts
First things first, it’s important to note that you are likely liable to pay tax even if you’re just receiving free gifts online. From any income you earn to hotel stays and sample products, there are a number of things you’ll need to pay tax on as an influencer. If you’re unsure about what exactly you’ll need to pay tax on, it may be time to hire a professional accountant for influencers to help you out.
Your finances are taking a back seat
You might consider yourself an influencer or a content creator, but it’s important to remember that you’re running a successful business that needs to be financially managed.
If you let your finances take a back seat, you could be putting yourself in financial danger. Hiring an accountant is a great way to stay safe from financial danger, and put greater focus on your finances, allowing you more time to focus on your core activity.
You’ve made errors on your HMRC tax returns
If you’ve submitted your HMRC tax return with errors, you’re not alone. In fact, it’s common for influencers and small businesses to make errors on their tax returns. Simply entering incorrect figures or forgetting about certain expenses can hinder the amount of tax you have to pay. Errors on your tax return could even lead to an investigation by HMRC, so it’s important to get it right the first time around.
If you’ve made errors on your tax returns, it might be time to let a professional do it for you.
You’re looking for new ways to grow your influence
Accountants don’t just file tax returns! Our accounting team for influencers can offer expert business growth advice to put you ahead of the crowd.
As growth advisors to influencers all over the UK, we know just what makes your influence grow, and what makes it fail. From pre-empting issues that could hinder your growth, to suggesting alternative revenue streams, your development is important to us.
Hiring an accountant that understands
When choosing an accountant as an influencer, it’s important that you choose someone who has experience in the industry. Influencers and content creators are a relatively new profession that some accountants are simply unfamiliar with. Our accountants specialise in supporting digital entrepreneurs just like you – even if you don’t consider yourself to be an ‘entrepreneur’ just yet.
Industry-leading advice you can trust
For more information, check out our downloadable guide to tax and accountancy for influencers, bloggers and vloggers. It’s packed full of advice on expenses, your employment status and some useful dates for your diary.
If you’re ready to take the leap and hire an accountant, let’s start your digital growth journey together!
Email us directly on firstname.lastname@example.org, call us on 0161 832 4841, or fill out the contact form below and we’ll be in touch shortly.