Social media earnings push young adults into tax earnings they don’t know about
Here’s a bit of data showing the impact social media can have – and also how young adults might not know it makes them liable for tax.
HMRC allow each person a £1,000 trading allowance – basically income you can have from places without needing to declare it and pay tax.
But some people a) don’t know what that covers and b) that they need to declare it past the threshold.
As an example, people selling second-hand items on platforms like Vinted might bring in quite a bit of cash on the side – but just £84 a month from there across the year will take you past that £1,000 threshold.
Now, business bank firm Tide’s research shows over half (55%) of 18 to 24-year-olds are earning money or being gifted items from platforms like TikTok and Instagram – but only a third (36%) have filed a tax return to declare…
