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UK social media earners must report income over £1,000; failure to file can result in fines up to £1,000.
Millions of UK social media users could face fines up to £1,000 for not reporting income from content creation, HMRC warns.
A Tide study finds the average earner makes £1,223 annually, with 42% receiving money or gifts for posts.
Earnings exceeding the £1,000 tax-free trading allowance—including promotional gifts—require a self-assessment tax return.
Despite this, only 52% of earners know the rule, and just 44% have filed, with lower compliance among 18-24-year-olds.
HMRC treats branded products given for promotion as taxable income, and penalties start at £100 for late filing, increasing over time.
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Los ganadores de redes sociales en el Reino Unido deben reportar ingresos por encima de £ 1,000; el no presentarlos puede resultar en multas de hasta £ 1,000.