Social media influencers have made tax-filing a frenzy on TikTok as the deadline approaches for self-assessment.
Taxpayers They must submit their self-assessments by January 31stTo avoid penalties and late interest.
In the midst of the rush to submit documents on time, videos tagged #HMRC were viewed 56 million times, while clips tagged#selfassessment were viewed more than 100 million times.
HMRC sends letters encouraging thousands of online sellers and social media stars, to calculate how much tax they owe to the government and file a tax return. Trending clips feature lifestyle vloggers preparing iced coffees, polishing laptop screens, and picking out the most colorful gadgets to inspire viewers.
Reinaldo Hay, a social media influencer, wrote Reinaldo Hay’s guide on how to file a self-assessment return tax return. Not realizing that they need to pay taxes.
He said, “A lot of my target audience are self-employed and a majority of my creator friends don’t know the first thing regarding reporting their expenses.”
28-year-old former accountant said that TikTok’s shorter and more engaging clips make it an ideal platform to educate the app’s younger users on basic tax mechanics.
He said that the younger generation will use Google to learn how to handle taxes. “TikTok is trying to become more like a search engine, which is why they’ve increased the number of characters in captions — to make videos easier to track down.”
Mitch Young, a Fusion Consulting Group tax advisor, has amassed over 30,000 followers on TikTok. This has been able to cross previously popular sites like Facebook or Twitter. The top-performing videos in the app are about tax advice. They each have between 200k and 600k views.
Young, 39, who went by Mitch the Tax Man on social media, said TikTok had proven fertile ground for finding high-net-worth clients – including a hotelier with £25m of personal property.
“We are seeing an older generation that may not be as attentive to the screen as their grandchildren, casually scrolling through brief educational videos,” he stated. “TikTok was aimed at Gen Z but it is still evolving.”
Young stated that TaxTox’s popularity was due to a post-pandemic desire for learning, but cautioned users to be cautious of videos made by unqualified influencers.
He stated that “the general user should be cautious.” “Check the links on profiles and investigate the background of those behind the videos.”
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