Posts

Showing posts from November, 2024

Tips for Managing Taxes as a Part-Time Influencer

Image
 Balancing a full-time job while pursuing content creation part-time can complicate tax responsibilities. As a part-time influencer, understanding how to manage your taxes efficiently is vital to ensure compliance and optimise your earnings. Here are key tips to guide you. 1. Understand Your Taxable Income Income from sponsorships, affiliate marketing, ad revenue, or gifted items is considered taxable. Even if influencer work is part-time, HMRC requires you to declare all earnings that exceed £1,000 annually through a self-assessment tax return. 2. Track Income and Expenses Maintain clear records of all income and expenses related to your influencer work. Deductible expenses may include equipment, software, travel, and even a portion of home office costs. Partnering with accountants for influencers ensures you claim all eligible deductions without errors. 3. Register as Self-Employed If your part-time influencer income exceeds £1,000, you must register with HMRC as self-employed. ...