Unfortunately, the tedious tax system that has taken many of us years to understand is now completely changing. You may or may not have heard that the way we calculate and file our taxes in the UK is transforming. Making Tax Digital (MTD) aims to make it a lot easier for individuals and businesses to keep track of their tax - and get it right!
This week, we’re hosting the next in our series of Freelancer Breakfast Club discussion meetups. These groups are intimate forums for members to discuss the real challenges that face them in their freelance lives. This time the topic on the table is ‘Money Talk’.
If you think expenses sounds like a fancy word that’s only swung about in big businesses, you’re wrong. As a freelancer (sole-trader or limited company), no matter the size of your business, you’re eligible to claim expenses too. Expenses are a purchase related to your business that is often made using your personal money or business bank account. The rules for claiming expenses depend on whether you’re a sole trader or limited company.
Selling your services as a pro photographer is just one way to generate income. You may be sitting on terabytes of photos that businesses, clients or stock sites are keen to purchase. Selling photos is often an after thought for most photographers as there is confusion around ownership, IP and contracts. To demystify the process of selling photos, we’ve compiled a complete ‘how to’ sell your photos with the help of Roxanne Peters, Intellectual Property Lecturer at UAL.
How much does it actually cost to set up a freelance business? Whether you've just finished a course or you are working full time, looking to make the transition, or running a side hustle, going freelance requires some startup cash. Here's the breakdown whether you've got money to burn or you're on a budget.
I'd like to talk about an uncomfortable, embarrassing and awkward subject that many freelancers try to avoid at all costs. It chokes us up, makes our palms sweat, gets in the way of our creativity and is often the cause of our anxiety. I am, of course, talking about money.
Most of the freelancers we know would rather gnaw off their left arm than do their bookkeeping - and with good reason. It’s confusing, it’s boring, and it’s not what you signed up for. You became self-employed to spend time doing what you love - not wrestling with spreadsheets. But, like it or not, accounting is important as a way to understand your business finances and a legal requirement! Thankfully there’s a simple way to not hate bookkeeping. Let's address the accounting spiral of doom.
It’s rare to meet a freelancer who hasn’t had to chase a late payment or had issues with a client who refused to pay. It impacts cash flow, is detrimental to the freelancer’s well-being, and is highly time-consuming. Freelancers don’t want to jeopardise the client relationship with threatening emails or, worse, spend time in the Small Claims Court. So what's the answer? When Solna, a smart invoicing App, got in touch, we jumped at the chance to ask their advice.