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With the growth in social media and the shift from mainstream advertising to more direct contact with customers through Instagram, Facebook, Tiktok, Twitter and YouTube an entire sector has developed.
It is great that you followers really appreciate your content and you are now in a position to get something out of all the hard work…..that is the good news. However, if you are now finding that you are getting paid for promotion via you chosen platform you are likely going to be required to submit this income to HMRC….this is the bad news.
There are very specific requirements around what is classified as income, so gifts can be included as taxable income. The upside is that there are likely expenses you can set against some of this income.
At Toast, we have a vast amount of experience in dealing with this relatively new sector so we can advise on all areas of your business.