For models and actors, understanding the financial side of a freelance career is just as important as understanding castings, bookings and contracts. In this episode, Robert Green and Ben Price from Green & Peter Accountants break down the areas of tax and accounting that talent often find confusing and explain why getting organised early can prevent much bigger problems later on.
The conversation starts with the basics of being self-employed as a model or actor, including when you may need to register with HMRC, completing a Self-Assessment tax return and keeping accurate records of income and expenses. Robert and Ben also address some of the misconceptions that can leave people unsure of their responsibilities or putting off dealing with their tax altogether.
They look closely at allowable expenses for models and actors, explaining why not everything spent on a career can automatically be claimed against tax. From agency commission and professional costs to expenses that may also have personal use, they discuss the importance of understanding what should be recorded and seeking advice when the position is unclear.
As a modelling career develops, finances can quickly become more complicated. Robert and Ben explore earning through several agencies, combining self-employed and PAYE income, VAT, sole trader and limited company structures, and the additional considerations that can arise when models work internationally and earn money in different countries.
The episode also looks beyond the next tax return. From putting money aside when fees are paid to preparing for quieter periods and thinking about longer-term financial planning, Robert and Ben explain why models and talent should treat their career as a business and take an active role in understanding the money they earn.
Above all, it is an important reminder that tax and finances should not be something models and actors only think about when there is a problem. Building good financial habits from the beginning can make managing a freelance career considerably clearer and less daunting.
www.businessofmodelling.co.uk
www.greenandpeter.co.uk
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