The boom of social media entrepreneurship has seen the UK government introduce the Digital Services Tax (DTS) in April 2020. This tax applies to social media businesses. As a result, many social media entrepreneurs turn to account firms like Allen & Atherton for tax advice. You should, too, if you are a social media entrepreneur, as you stand to get the following:
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Tax planning
Tax experts from the firm can help you with tax planning by reviewing your financial records to identify any tax-saving opportunities. After that, they will develop a tax planning strategy that fits your social media business. You will also get advice on VAT planning to ensure that you remain compliant while paying the minimum amount as VAT. And suppose you are planning to sell the business at some point. In that case, the professionals will advise you on the capital gains tax to help you minimise the tax bill on the transaction.
Staff quote:“We are ready to help you with tax planning. Contact us for the services and implementation of strategies that will reduce your tax bill.”
Tax compliance
The accountants will advise you on tax compliance by explaining the tax laws and help you to prepare tax returns besides filling out your self-assessment tax return. In addition, they will prepare and file corporation tax returns if your social media business is a limited company. These services happen in time to prevent paying penalties. Thanks to the accountants’ attention to detail, they will advise you on good record keeping and help you to maintain accurate financial records, which helps in tax compliance.
Staff quote: ” Our highly qualified experts team goes a long way to ensure you minimise your tax bill while maintaining tax compliance.”
Business structure advice
Since taxes differ among business structures, this accounting firm’s tax advisors will help advise on the best structure for your social media venture. After assessing your specific needs and goals, the experts will do so to assess key factors such as the business structures’ tax implications, flexibility, and legal liability. From there, they can recommend either sole entrepreneurship or partnership, depending on the flexible and tax efficient one. You will then get help in implementing the chosen structure and ongoing support to ensure that you are tax compliant.
Staff quote: “Engaging us will get you the best business structure that is flexible and tax efficient.”
International tax advice
The team of tax advisors will help you with cross-border tax planning and advising on the tax implication of expanding your social media venture into new global markets. You will also receive advice on transfer pricing policies to minimise the tax bill and documentation for compliance.
The tax advisors will also advise you on applying for double taxation treaties to avoid taxing your income in both jurisdictions. In addition, you will receive advice on tax residency rules that helps in determining the most tax-efficient locations where you can do your business. Lastly, the team will help you with international tax compliance, including but not limited to preparing and filing tax returns.
Staff quote:“We understand the complexity of running a social media business and are ready to help you with international tax advice. Thanks to our experience with international tax laws, you will get the best advice and services that minimise the tax bill.”
Investing in social media businesses such as online marketplaces is profitable. Still, you must pay taxes when you meet the threshold. These taxes can be confusing, mainly when you sell worldwide because you risk double taxation or overpaying when moving your goods across borders. You must seek tax advice from a reputable accounting firm like Allen and Atherton. Such a firm is best placed to help you thanks to its presence in five countries, with each office having over 200 employees to serve you. Engaging them will save you from the worries of non-compliance and learn how to minimize tax liability.
