Social Media Influencer Accountants.
How our team of Social Media Influencer Accountants Can Help
We know that over the past few years, Social Media Influencing has become a full time job for many, turning the sector into a multi-billion pound industry. However, with that comes a number of financial responsibilities that few accountancy firms are prepared to manage due to the notoriety of the role.
Fortunately, we have a team of expert social media influencer advisors to help you navigate your future and meet all of HMRC’s requirements. From incorporating your new company to helping with business bank accounts and arranging tax returns, we’re here to make the complex clear.
Why Does a Social Media Influencer Need an Accountant
A Question we get asked a lot, is why does a social media influencer need an accountant ? Navigating the accounting and finances aspect of your job as a social media influencer can be tricky, especially when you are frequently gifted products in return for exposure or as part of a sponsorship deal.
Knowing the rules around what you need to declare can be unclear and failing to meet HMRC’s strict reporting requirements can land you in deep water, so working with a team of professional social media influencer advisors can relieve you of the stress.
Our team at Ryans is well versed in social media influencer accountancy and can assist with all aspects of financial planning and management, leaving you to spend time doing what you’re best at: creating content.
Your dedicated accountant will act as one point of contact for all of your business management needs. They will take the time to learn all about your business and ensure that you make and save money whilst remaining fully tax compliant.
Accountancy Services We Offer for Social Media Influencers
- Company incorporation
- Business bank account creation
- Financial statements
- VAT returns
- Corporation Tax Planning
- Personal Tax Planning
Types of social media influencers we can help with
- YouTube Influencers
- Instagram Influencers
- TikTok Influencers
Providing Accountancy Services to Social Media Influencers
If you’re a social media influencer looking for a professional team of accountants to help your personal brand flourish, look no further. Please don’t hesitate to get in touch with our friendly team to discuss how we can help you further.
Frequently Asked Questions About Accounting for Influencers
Do influencers need an accountant?
Yes, influencers can greatly benefit from having an accountant. Navigating the accounting and financial aspects of being a social media influencer can be complex, especially when dealing with gifted products, sponsorships, and other forms of income. An accountant can help influencers understand the rules around what they need to declare and ensure they meet HMRC’s strict reporting requirements. This can relieve the stress of managing finances and allow influencers to focus on creating content.
Do influencers need to pay tax?
Yes, influencers need to pay tax on their earnings. Like any other profession, income generated from social media influencing is subject to tax. Failing to meet HMRC’s strict reporting requirements can lead to penalties. It’s essential for influencers to be aware of their tax obligations and to declare their income accurately.
Do influencers have personal or business accounts?
Influencers can have both personal and business accounts. If an influencer incorporates their brand as a company, they would need a business bank account for the company’s financial transactions. This separation helps in managing finances more efficiently and ensures compliance with tax regulations. The team at Ryans can assist influencers with business bank account creation and other related services.
What expenses are allowable for influencers?
Allowable expenses for influencers can vary based on the nature of their work and the jurisdiction they operate in. Common expenses might include costs related to content creation, equipment, software subscriptions, travel for work-related events, and promotional expenses. It’s crucial for influencers to consult with an accountant to understand which expenses they can deduct to reduce their taxable income.
What is the payment method for influencers?
The payment method for influencers can vary based on their agreements with brands, platforms, and sponsors. Common methods include direct bank transfers, checks, online payment platforms, and sometimes even in the form of products or services. It’s essential for influencers to keep a record of all transactions, whether monetary or in-kind, for accounting and tax purposes.