From likes to legal

Open a business bank account

Opening a business bank account is the vital first step for anyone looking to take their business and brand seriously. It helps separate your personal and professional finances, making it easier to track income, manage expenses and maintain good records. When all your brand deals, affiliate payments and creator fund income flow into one dedicated account, you get a clearer picture of how your business is performing which is key for growth and success.

Be aware of any thresholds for your business

Whether you’re just starting out or have an established business, it is essential you are aware of any thresholds for your business. The two you would be most likely to breach are:

• £1,000 – If you’re generating over £1,000 a year in revenue from your new side hustle you will be required to register as self-employed and complete a tax return with HMRC  . Further details of this can be found in our article: Influencer guide to Self-Assessment.
• £90,000 – Generating £90,000 of taxable turnover in a 12-month period triggers a requirement to register for UK VAT. Further details of this can be found in our VAT article: VAT and UK Influencers.

Consider your business structure

As your business is growing it is worthwhile to consider   the structure, to ensure you are optimising your financial position.

Generally, the two options are to remain as self-employed or to set up a limited company. We will briefly outline the difference below.

Self-employed

You and your business are legally the same entity.

You are taxed via self-assessment at income tax rates of 20%, 40% or 45% and additional Class 4 national insurance contributions, depending on your level of profit.

• Fewer admin and filing requirements.
• Lower tax burden at lower levels of income (if sole income source) but generally higher as profit grows.
• You are personally liable for any business debts.
• Sole-traders can struggle with credibility concerns from lenders or businesses.

Limited Company

You and your business are separate legal entities.

The company is subject to corporation tax (19-25%) on its profits with personal income drawn through a variety of methods, most commonly via salary and dividends.

• Generally, more tax-efficient at higher profit levels.
• Create a more professional image.
• Greater scope for future tax planning.
• As a separate entity, your personal assets are protected should the business fail.
• More complex setup and greater admin.
• Higher accountancy and compliance costs.

Maintain good financial records

Maintaining well-organised financial records not only saves time and reduces stress around deadlines but also streamlines your administrative processes – making your year-end or quarterly requirements less daunting. Additionally, with everything in order, this can lead to a smoother collaboration with your accountant and may even result in more cost-effective services. We can recommend easy to use software, to help you stay on top of your records.

Get Paid

Whether you have your own suppliers to pay, a tax liability or need the cash for a big project you have planned, getting paid and maintaining your cashflow is imperative to make sure you can keep operating. 

Our specialist Julie Mole, can provide crucial advice in access to finance, help improve your credit score and, support to help you maintain your cashflow so your business can keep working for you.

Brands may be happy to do a handshake deal with you that leaves you unprotected – bringing a solicitor on board to help draft a formal contract can be the difference between you getting paid and getting played.

Know the deadlines

Avoid any fines, penalties and interest by knowing when you’re generally supposed to pay and when to file. This isn’t a one size fits all guide.

• VAT Quarterly returns (filing & payment) – one month and seven days after quarter end (7 February 2026, for a 31 December 2025 quarter-end)
• Self-assessment filing – 31 January 2026 for the tax year to 5 April 2025
• Self-assessment payment – 31 January 2026 and 31 July 2026 (if required to make payments on account) for the tax year to 5 April 2025
• Company accounts filing – nine months following the company financial year-end (31 December 2025 for a 31 March 2025 year-end)
• Corporation tax payment – nine months and one day following the company accounting period end (1 January 2026 for a 31 March 2025 year-end)
• Corporation tax filing – 12 months following the financial year-end (31 March 2026 for a 31 March 2025 year-end)

Choose the right accountant

Find an accountant who is the right fit for you?

A skilled accountant will help save you valuable time so you can focus on running your business, while helping you to stay compliant with regulations and avoiding costly penalties. Beyond compliance, the right professional becomes a trusted advisor offering insightful advice and contributes meaningfully to your business growth and success.

If you would like to speak to one of internal advisors, get in touch with our Business Solution team or your regular Crowe contact.