Calling all influencers and content creators! Have you ever considered the expenses you could claim for your work?
HMRC has no specific taxation that targets influencers or digital content creators, nor are they subject to their own dedicated tax rates. As a content creator in the UK, you’re likely classified as self-employed. This status requires you to register with HM Revenue and Customs (HMRC) and potentially pay Income Tax and National Insurance contributions on your earnings.
So if you’re someone who thinks that content creators cannot claim expenses for their work – you might want to listen up!
Here are 5 expenses you can claim as a content creator!
Equipment
Content creators require the right tools and equipment to do their jobs. This includes equipment such aslaptops, cameras, tripods and lighting.
Software & Subscriptions
Any software you use to edit your posts and videos, marketing emails and automated responses can all be claimed as an expense. For example, if you use software such as Canva and Adobe these subscription costs can be classed as an expense.
Travel costs
Travel expenses incurred for business purposes, such as attending events, collaborations, or content creation trips, are considered allowable expenses for social media influencers. Content creators can often be asked to travel to various locations for filming and travel, and these expenses can be claimed.
Utility Costs
Home office expenses, such as internet bills, utilities, and workspace maintenance costs, are part of the allowable deductions for social media influencers who work from home. This can decrease your home and utility costs, depending on the places you film content.
Marketing costs
If you pay someone to edit your posts or advertise your business any money you pay to them is a business expense.Costs for online advertising campaigns, content promotion and print advertising can all class as a marketing expense.
As a content creator maintaining accurate records of your income and expenses is essential for helping you and your accountant keep track of your expenses so make sure to do this every month!
Get in touch with us at info@future-cloud.co.uk and head over to our Instagram @futurecloudacc to see more about content creation and expenses!