Financial Challenges Faced by Touring Musicians
Touring is an integral part of a musician’s career, serving as a crucial platform for reaching audiences and promoting new music. Yet, it comes with significant financial challenges. Rising costs in transportation, accommodation, and logistics have made it difficult for many, particularly independent and emerging artists, to sustain profitable tours. In fact, a substantial percentage […]
The Importance of Business and Finance Management for Creative Professionals
In the fast-paced world of creative industries, professionals often face unique challenges in managing both business and finances. Navigating these challenges requires a nuanced approach to ensure long-term success and stability. For creative professionals, effective business and finance management are crucial in transforming passion and talent into a sustainable career. A well-crafted business plan can […]
Latest Tax Changes for Actors, Models, and Musicians
Navigating the tax landscape can be daunting for those in the creative industry, but staying informed is crucial. Recent updates from HMRC have introduced significant changes affecting actors, models, and musicians. The revised guidance specifically addresses employment status and allowable expenses, aiming to provide clarity and support for creative professionals managing their taxation responsibilities. Actors […]
How to Manage Royalties and Tour Income as a Musician
Musicians often face the challenge of managing their royalties and tour income effectively. Navigating the complexities of music royalties requires understanding various types of payments. Performance and mechanical royalties are vital sources of passive income. Efficient management of these revenue streams not only enhances financial stability but also allows musicians to focus on their creative […]
The Ultimate Checklist for Getting Invoicing and Payment Right as a Freelancer
As a freelancer, your income depends on getting paid promptly and efficiently. Invoicing is the cornerstone of your financial success, and mastering this process is crucial for your business’s sustainability. Here are some best practices to ensure you get paid on time, every time: Make your Invoices Professional Every invoice should include essential information: Set […]
Protect Yourself – Quick Guide to Professional Insurance in the Creative Industries
Being self-employed in the creative industry offers unparalleled freedom. However, it also comes with unique risks that can derail your career and finances. That’s where insurance comes in. By understanding your specific needs and securing the right coverage, you can safeguard your business and your future. As a creative professional, your work often involves unique […]
Tax Advantages to a Home Studio for Musicians
Setting up a home studio is a dream come true for many musicians. It provides the freedom to create without limitations and can be a significant investment in your career. And, pleasingly, there are also some tax advantages… The key to unlocking tax benefits from your home studio lies in establishing it as a legitimate […]
Should you Form a Limited Company
Many people working in showbusiness are self-employed. However, there are occasions when it might make more sense to form a limited company. But how do you know whether that’s the best choice, and what the potential advantages and disadvantages are? These will vary from person to person but here is an overview of just a […]
A Guide to Musician’s Expenses
The excerpt above was the lament of the Kinks in the 1966 hit, ‘Sunny Afternoon’. But don’t let it happen to you! If you’re a self-employed musician, whether you’re a solo artist or part of a band, there are numerous expenses that you can claim against tax. Here’s a quick overview of what you can […]
