Tax Season Secrets: Financial Wisdom for PerformerPreneurs - Ep.40

Tax Season Secrets: Financial Wisdom for PerformerPreneurs - Ep.40

This episode is proudly sponsored by the Showbiz Sidehustle Handbook - Get your copy here: https://ln-k.me/clGQ

Dive into the world of finances with the Showbiz Side Hustle Podcast! 

Host Nicole Louise Geddes welcomes accounting expert Stephanie Marshall FICB PM.Dip ICPA of A B C S UK, to demystify taxes for performers. 

Learn about the tax year, business entity types and essential record-keeping tips.

Discover how technology can simplify your financial management and why setting aside money for taxes is crucial. 

Get the scoop on Making Tax Digital and how it affects performers. Stephanie shares invaluable insights on gaining business clarity through regular financial check-ins. 

Whether you're a seasoned performer or just starting out, this episode is packed with actionable advice to help you navigate the complex world of taxes and accounting. 

Don't miss out on these expert tips that could save you time, money, and stress. Tune in now to take control of your finances and set yourself up for showbiz success! 

Chapters

00:00 - Introduction and Welcome 

1:30 - Meet Stephanie: CEO of ABCS UK 

2:22 - Don't Be Ashamed of What You Don't Know 

3:53 - Understanding Different Business Structures 

6:59 - When to Register as a Sole Trader 

10:48 - The Importance of Keeping Records 

14:36 - Starting Out vs. Getting an Accountant 

16:20 - Making Tax Digital: Important Changes Coming 

20:50 - Technology Tools for Managing Your Books 

24:40 - Understanding the VAT Threshold 

26:40 - Celebrating Your Business Success 

28:16 - Pension Planning for Business Owners 

30:34 - Tax Reliefs for Performers 

34:41 - Finding Resources and Asking for Help 

37:50 - Conclusion and Final Thoughts 

Key points discussed:

1. Understanding the tax year and its implications for performers

2. Different business entity types and their tax considerations

3. Importance of proper record-keeping and when to start

4. Leveraging technology for financial management

5. Setting aside money for taxes and national insurance

6. Making Tax Digital and its impact on performers

7. Gaining business insights through regular financial check-ins

Guest information:

Stephanie Marshal, CEO and founder of multi-award-winning bookkeeping accounts practice abcsuk, founder and host of the 3Bs podcast, and bestselling author of 'Finance for Life.'
Website: https://www.abcsuk.com/
Find all of Stephanie's links here: https://linktr.ee/abcsuk

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Website: https://performerpreneur.co.uk/

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