Given that most people spend the majority of their time on social media, there is a higher likelihood that they will become influencers and content creators.
Influencers like you earn income from various sources, making it harder to track and manage your finances. But you don’t have to worry. Hiring bookkeeping and expert accountants will take away the stress, allowing you to focus on your digital business.
These are people who’ve built credibility in a particular industry, have access to a large audience, and can persuade others to act on their recommendations.
They create large followers of enthusiastic, engaged people who pay close attention to their views by making regular posts about that topic on their preferred social media channels. Almost every social media platform can be a place for content creators.
Here are the top 5 platforms that pay influencers in 2022:
Choosing the right accounting firm is one of the most important decisions you can make as a social media entrepreneur.
It is critical for social media influencers and online entrepreneurs to reach out to and collaborate with competent, experienced, and successful accountants. They can benefit much from proper cash flow management.
Aside from that, here are the reasons why accounting for influencers is beneficial.
Influencers frequently have multiple sources of income, ranging from content to product endorsements. They may also have property and other assets as investments.
An accountant can assist them in keeping track of all their income and expenses and ensuring that they pay the correct amount of tax.
Influencers frequently have more money than they can handle.
As a result, they may be tempted to make rash decisions about where to invest their money. However, they may make poor decisions that jeopardise their financial security if they do not seek a financial advisor’s advice. Accountants can advise on various financial matters, from investment opportunities to tax planning.
Moreover, an accountant can assist in making sound decisions that will protect their assets and ensure their financial stability by carefully assessing their unique situation.
The services of a qualified financial advisor are more important than ever in today’s uncertain economic climate.
A skilled accountant can help influencers save money on their taxes. They can also assist them in budgeting and making sound financial decisions.
As anyone who has ever struggled with money knows, personal finances
can be complex and difficult to manage.
This is especially true for influencers, who frequently have several bank accounts, credit cards, and loans.
An accountant can assist them in keeping track of their expenses and ensuring that all payments are made on time.
In addition, a professional advisor can also help with financial planning and investing.
Influencers can concentrate on their careers and personal lives by letting them handle finances.
It can also give them peace of mind because they know their finances are in good hands.
Tax penalties are becoming more severe both in the UK and abroad. Following an ever-increasing number of tax rules has never been more critical.
Pearl Lemon Accountants offers efficient and cost-effective tax compliance services to international businesses and individuals. We ensure that your tax affairs are legal and accurate down to the last detail.
We see the growing complexity of the tax system as an opportunity rather than a headache. We offer professional tax personal planning services to help you optimise your tax situation while complying with all legal requirements.
We are experienced and knowledgeable tax consultants who can help you with various tax issues. Such as:
General Income Tax
Every penny you save on income taxes goes straight into your pocket.
Hiring a tax advisor for a self-employed like you can help pay a lesser amount of taxes while still adhering to the ever-changing tax guidelines.
It’s never too early to think about inheritance tax.
Many tax-saving techniques need the effort to set up and structure properly, but they pay off in the long run.
We can help you set up the structures you’ll need to protect and pass on your wealth to future generations. You may only be able to pass on 60% of your wealth to your heirs if you do not plan ahead.
Capital Gains Tax
Capital gains tax is usually applied when an asset is sold, gifted, or disposed of if its value has increased since it was received.
For example, a gift of an asset to your children may be subject to capital gains tax.
However, many tax relief options are available, including exemptions that can be applied for and claimed.
To get the best results from your estate planning, you should consider both capital gains tax and inheritance tax.
Influencers must also pay business taxes, which can be either a percentage or VAT. Those earning more than P3 million will be required to register for VAT. Otherwise, the influencer will be subject to a 1% or 3% tax.
Our VAT accountants can provide critical advice and answer your questions throughout the tax year, saving you time and frustration when dealing with complicated VAT procedures.
Many influencers take their job as a side hustle. But, if you’re growing and earning six digits a month, you take it seriously.
A good money maker knows how to manage their income well.
Be money-smart, hire our accountants.
Book a call today, and let’s talk.
The price we charge depends on the accounting services we will provide and how long you will work with us.
If you’re interested to know about our prices, reach us today.
Whether you’re a big or starting influencer, you should consider hiring one now. Whether you like it or not, you are still subjected to paying bills and taxes.
Hiring an accountant will help you manage your taxes and bills, give valuable financial advice, and manage your personal finances.
here is no “influencer tax.” However, let’s discuss the taxes of being an online influencer.
It’s critical for both brands and influencers to understand what they’ve earned (and how they’ve earned it). This is done to determine how much you owe.
Full-time and part-time influencers must register with HMRC as self-employed.
Even if you have another job, perhaps one where you are enrolled in PAYE, you must still pay tax on your online earnings.
As an influencer, the amount of income tax you pay is determined by how your income exceeds other tax-free Personal Allowance of £12,500 (as of the 2020/21 tax year).
You can also claim certain expenses for your daily work as a self-employed online influencer.
This reduces your taxable income, resulting in a lower annual tax bill. You may be able to deduct expenses for things like:
Depending on your circumstances, you may also be eligible for certain types of income tax relief.
Pearl Lemon Accountants offer valuable tax advice.
Get in touch with us now.
When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients.
It's a win-win situation for everyone.
Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.
So let our experts work for you, and you won't regret it even a bit.
Book a call today to get started.