If you’re a model working as a Sole Trader in the UK, there are many things you can claim back as expenses for your business. Every penny you claim as an expense means less tax you have to pay at the end of the year when you come to file your Self Assessment with the HMRC. Here are 6 top tax tips for items and services you can claim back as expenses.
1. Gym membership
Staying fit and maintaining your health should be one of your primary focuses if you work as a model. One way of doing this is by joining a gym, but the best-equipped ones usually have high membership fees. While that is true, the best thing you can invest in is yourself. So, invest £720 in a gym membership, put in the hard work, get fitter, feel healthier, and save £72 while doing so.
2. Makeup for shoots
You cannot always rely on the photographer to have a makeup artist booked for you at the photo shoot, especially if you are still at the starting point of your career. Having your own personal makeup, which is best suited for your skin and features, will always have you prepared, looking beautiful, and ready to do a photo shoot no matter the place or time. Plus, the photographer will surely appreciate one less thing to worry about, increasing the chances of working with you again. What is also great is that you can claim this makeup as a business expense. So, if you invest £600, you will save £60 in tax.
3. Portfolio costs
For a model, it is crucial to do every photo shoot the best that you can, apply for many shoots and seize every opportunity you receive, due to the profession being so competitive. On of the keys in order for you to be picked out of hundreds of models for a specific shoot is a great portfolio. By investing £500 in a private photo shoot and a designer to help you out, you would save £50 in tax if you would claim it as a business expense. Definitely worth investing into, especially since first impressions matter the most.
4. Model cards
Once you begin shooting regularly, the amount of work you will receive will increase significantly. Recommendations and word of mouth are crucial in the modeling business. So, it is important for you to get your name out there and have them remember you. With a business card, you will appear more professional and your contact information will be always at their reach. Invest £170 in developing these business cards, and not only will you experience an increase in the calls you will receive, but also save £17 in tax in the process.
While pictures and a portfolio are nice, having a showreel might have been the missing element in your application for that shoot you missed out on. With a short £200 showreel, you will be able to present your personality, show more photos, and capture the attention of an agency or a photographer much easier and faster, thus putting you above the rest of the applicants. Oh, and did we mention the £20 tax savings you get, if you claim it through your business?
6. Skin, nail, and hair care
Each flaw is more visible under the bright lights of a photo shooting studio or set. Avoid the need for constant retouches and a large amount of photoshopping by taking better care of yourself. While makeup is effective, healthy skin, hair, and nails are even better. You can claim £150 as tax savings for every £1,500 you invest in looking more beautiful, natural, and feeling healthier.
So, there you have it. 6 ways to save money every year on your taxes if you’re a UK Sole Trader. And to make keeping track of all your expenses even easier, 1Tap Receipts exports all of the key data from a simple photo of your receipt meaning you’ll never have to type out another receipt again when claiming back expenses.