Tax-Efficient Health Insurance for the Self-Employed
As a self-employed individual, securing comprehensive health insurance is essential to protect yourself and your family from unexpected medical expenses. However, it’s also important to consider the tax implications of health insurance premiums. By understanding the tax-efficient options available, you can potentially reduce your overall tax burden while ensuring adequate coverage. One of the most […]
How to Make your Spend in Music Production Equipment More Tax Efficient
As a music production professional, investing in high-quality equipment is essential for achieving your creative goals and building a successful career. However, understanding the tax implications of these investments is crucial to maximising your financial returns. Capital assets are assets that are held for investment or for a business purpose. Music production equipment typically falls […]
Maximising Your Pension Contributions as a Self-Employed Individual
Being self-employed offers financial freedom, but it also places the responsibility for retirement planning squarely on your shoulders. One of the most effective ways to secure your financial future is through pension contributions. But what’s the most efficient way of doing it? The cornerstone of pension tax efficiency is the tax relief you receive. Essentially, […]
National Insurance Contributions for the Self-Employed
If you’re self-employed in the UK, understanding National Insurance Contributions (NICs) is essential. They might seem complex, but let us walk you through it… NICs are a mandatory payment made by both employees and the self-employed to fund state benefits like the State Pension, Jobseekers Allowance, and Maternity Allowance. While employees have their NICs deducted […]
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 […]
Do Simplified Expenses Work for your Business
For many small business owners and the self-employed, keeping track of expenses can be a daunting task. Receipts pile up, calculations become complex, and tax filing gets scary. This is where simplified expenses come in, offering a seemingly easier route to expense deductions. But while the expense may be simplified, choosing the right approach isn’t […]
Tax Advantages for an Author Working from Home
HMRC offers two methods for claiming home office expenses, each with its own advantages: Simplified Expense Method This is the easier option, allowing you to claim a flat rate of £6 per week (£312 per year) for all your home office expenses. No need to keep receipts, but the deduction amount may not reflect your […]
Knowing When your Creative Side Hustle can Become your Main Gig
If you’ve got a creative passion that fills your weekends (and you’re a little bored with the day job), then the temptation will always be there to switch to dedicating yourself to the music, acting or writing that really moves you. But how can you spot the tell-tale signs that your creative side hustle is […]
The IR35 Labyrinth: The Tax Implications for Actors
For actors, the allure of the stage and screen is often accompanied by the complexities of freelance life. While the freedom to choose projects and manage your schedule holds immense appeal, navigating the tax landscape can be a daunting task. IR35, a set of rules designed to ensure individuals genuinely working as contractors pay the […]
Tax Management and Financial Advice for Child Content Creators
For many parents, it’s a bewildering world. That someone so young can utter the phrase ‘I stream COD live on Twitch’ and not only expect to be understood, but also to make money from it, can be unfathomable. And yet, they do (Twitch is an online video platform; COD is Call of Duty), and gamers […]
