2020 was the year of many things. A global pandemic, toilet roll shortages and one peppy app that gripped the nation. We can only be talking about TikTok. But whilst browsing content, recipes and viral dance moves enthrals most users there’s a real bummer lurking for the top creators this January. A self-assessment tax return…
Get That Coin
TikTok, unlike a lot of other social media channels, makes it easy and quick to earn cash as a creator. Top influencers can access a specific creator fund or users can reward you with their coins or diamonds, some of which can be exchanged for real cash. So, what’s the catch? Well, if you earned over £1000 in a 12-month period in the UK through TikTok or a similar influencer channel such as YouTube, Patreon or Cameo, you’ll need to register and submit a self-assessment by Jan 31st even if you still have a full-time job elsewhere.
Do Not Panic
The self-assessments due each January will be for earnings during the previous tax year (April-April) and our savvy group of accountants are ready and willing to take it off your hands – so you can focus on the content. Use the MazApp to send receipts directly to your accountant with no additional software costs, or use our freepost envelopes if you have a lot on paper hiding in a junk drawer somewhere.
Check out what our co-founder Lucy has to say below:
“TikTok stars will generally be pretty savvy when it comes to using apps and uploading content, but it’s always worth chatting to a qualified expert. This way you can ensure you get the most out of your finances so your side hustle can become your career. New camera equipment, merch or even a ring light might be tax deductible, reducing your overall tax liability”.
Book a call with one of our team now to discuss how we can help from just £28pm for simple sole-trader accounts in the UK.