Influencers & Online Content Creators
Our specialists can assist in a range of VAT & Tax areas
In the last decade, influencers and online content creators have established a new branch of industry. This kind of entrepreneur has constructed a lucrative business from what was once a down-time hobby. Social media channels such as Instagram and TikTok have made this a booming industry.
Being an influencer embraces a variety of disciplines, including bloggers, vloggers, fitness gurus, how-to crafters and technical demonstrators. However, as this is a new industry, the old and complex VAT and tax rules need to be re-interpreted.
As yet, there is no specifically tailored influencer tax, or VAT advice for such online content creators. Technically, influencers and online content creators are self-employed, and must declare income tax. Many influencers are also promoting goods and services and may take payment in kind. This raises doubts about whether they’re liable for VAT on their income streams.
However, calculating VAT on promotional gifts such as clothes, electronics or holiday destinations is much more confusing. Any products that are given in exchange for endorsement may be considered as trading, which would make them liable for tax on their monetary value.
Deeks VAT Consultancy advise and assist on issues with legal tax compliance in this fast-growing marketplace. We can review the potential VAT and tax liabilities and how to calculate payments correctly. As a new industry, practitioners may be unfamiliar with HMRC and we can guide clients through the existing regulations.
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Deeks VAT News issue 39
Welcome to this months Newsletter December 2023 issue 39 Keeping you up to date on VAT changes In this months newsletter we cover the following: Changes to the DIY Housebuilders’ Scheme Best Judgement: what is it, and why is it important? Updated guidance on zero-rated exports New rules for registration and reporting in the EU […]
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Changes to the VAT DIY Housebuilders Scheme
Embarking on self-build projects can yield significant VAT savings through the DIY Housebuilders scheme. With the spring Budget 2023’s announcement, the scheme is set to digitize, extending claim periods from three to six months starting 5 December 2023. Understand what qualifies for VAT reclaim and how these changes can benefit your project. For any queries, reach out to Jane at Deeks VAT.
Want to find out how we can help?
Here at Deeks VAT Consultancy we can help all types of businesses, either personally or acting on your behalf for your clients. Drop us a message and one of our specialists will be in touch to discuss how we can help.
Jane: +44 (0) 7710 553831
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