One of the first steps that we will take when looking at your accounts is ensuring that you are claiming absolutely every expense you are eligible to as an model.
MODELS HAVE A NUMBER OF TAX DEDUCTIONS THAT ARE UNIQUE TO ANY OTHER INDUSTRY.
Below we have put together a list of some of the expense you are entitled to as an actors.
Clothing can be an extremely useful expense to claim on your tax return. As an model you almost definitely spend some of your income on work-related clothing, whether it be clothing for head shots, shoots or meetings.
Clothing is definitely one of the more obvious expenses to claim. However for a smooth and painless tax-filing season every year, it is vital that you are aware of your entitlements when claiming this expense. Many models are subject to penalties and hold-backs due to over claiming.
USE OF HOME AS AN OFFICE
Use of home as an office is an expense that all too often missed out by models. If you use your home to apply for shoots, go over documents or any other work-related uses you are entitled to claim this expense.
You are able to claim a percentage of your household bills for your use of home as an office.
Getting your name seen and heard is a major part of being a successful model. Anyways you promote yourself in an effort to get ahead in your modelling career is claimable. Whether you pay to be mentioned in an article or directory, run an ad campaign on your fashion blog or any other forms of promotion- it's claimable.
Make up and hairdressing are also allowable, but there has to be a clear link to the business purpose, like auditions or rehearsals, in order for this to be allowable.
For cosmetic surgery to be allowable, it will need to be directly related to your profession. You will only incur the surgery because it is necessary to your profession. There has to be a reason behind it, e.g. Teeth straightened due to the close ups.
The UK’s decision to withdraw from the European Union will have ramifications for all people and organizations in one form or another; whether that be through the cost of material or shipping tariffs.
Alongside the boom in demand for gin, has come its potential price rise of more than 11p as sellers pass on the cost of sugar tax to consumers.
There are many notable tax advantages to incorporating your business. Deciding if and when to take your company to the next level should take into consideration all these implications before making it official.
The temptation to draw a sum of your pension before you hit 55 can be all too much for some. Companies have latched onto the idea of 'early pension release' and those enticed in are losing out on huge sums of money. While this isn't technically illegal, they will often hide the terms and conditions of your withdrawal within the small print of their policies. Here are a few things to look out for:
If you're due a tax refund, the temptation to flitter the extra cash away on short-term luxuries can be hard to resist. Whilst temporary pleasures are all well and good, the sensible thing to do is use the money for something that will further enhance your financial situation.
Inheritance tax (IHT) has been declared the most disliked tax in a poll by the general public and it's no surprise as to why. Like it or not, it's here to stay but there have been a few recent changes that might benefit you if you're thinking about planning for the future.
As of April 2018, a sugar tax was enforced on all sugary drinks in the UK in an attempt to curb the ever-growing concern of the Nation's obesity epidemic.
How will it work?
There are 2 taxation categories: one that effects drinks containing more than 5g of sugar per 100ml, and a higher tax for sugary drinks with 8g or more per 100ml. The Office for Budgetary Responsibility stated the drinks will be levied at 18p and 24p per litre. The money raised is intended to be spent on increasing funding for sport in primary schools - an estimated £520 million.
Retirement planning doesn't have to be complicated but can often be neglected because we like to prioritise our current spending. Failing to pay into a pension or disregarding retirement saving might make your bank account a little fuller in the short-term, but when you reach an age where generating an income isn't as easy as it once was, you'll find yourself high and dry if you don't plan ahead. According to a study by Which? the average household needs £18,000 a year to cover household essentials and this doesn't include costs of any bucket-list items you might have been saving for your wonder years - keep reading to find out if you're doing enough to save for your retirement.