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HMRC could target millions of UK households who use social media - as taxpayers risk huge fines under a little-known rule. Those using social media could be at risk of unexpected fines, tax experts have warned.

HMRC is said to be keeping a closer watch on how people earn and promote content online. Lee Murphy, Managing Director of The Accountancy Partnership, has led the warning for self-employed workers, content creators and influencers.

Lee said: "If you receive something for free and the brand doesn’t expect anything in return, it’s not taxable. It’s a bit like getting a present from your Grandmother; she gives it to you because she likes you, not because she wants a shoutout on Instagram."

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