What is taxable income for content creators?

As a digital content creator you are likely receiving gifts in exchange for featuring them in your posts, writing about them or sharing them across your social media – not a bad part of the job! But gifts such as these count as taxable income and must be included within your tax return. There are different rules around determining the value at which to include these at (retail price, real value or market value) and this can be difficult so if you are unsure then get in touch.

As a general rule you should have a signed contract in place which sets out your obligations to the brand and theirs to you. This will normally include what you need to include in your post, how often, and on what channels. This will also help you know when you can expect to receive your hard earned cash.

If you’re sent an item unexpectedly and without any obligation to feature this item within your content (and no associated contract) then you wouldn’t normally have to include this as taxable income – bonus! However the rules around this are complex so please be careful and if in doubt reach out and we can help.

Other examples of taxable income that you should be including within your tax return might be:

• Royalties and advertising fees

• Affiliate commissions

• Subscription services

Need further advice on taxable income? Then get in touch either by email at hello@twentyaccounting.com or give us a call on 0730 041 0801.