TAX RETURN FOR MODELS
Specialist Accountants for MODELS
Tax Returns for Models
Though there is lots of modelling work available, there is also lots of competition, so making a career can be incredibly difficult. Modelling can, however, be very rewarding. This guide will help make it easier to become a successful freelance model.
What does a freelance model do?
A freelance model uses their image to advertise products for clients. These products include fashion, shoes, jewellery, and clothes, among many other things. Most modelling will be for print, in magazines for example, though you might sometimes do work on television or modelling a designer’s new clothes at a fashion show.
What sort of person makes a good freelance model?
Unfortunately, the very nature of the modelling industry makes it one of the most discriminating, since much of it comes down to what you look like. Here are some of the attributes you’ll need to become a great freelance model:
- Physical measurements: Depending on the type of modelling, clients will be looking for models with very particular weights, heights, and measurements.
- Natural beauty: Modelling is one of the jobs where the outside is more important than what’s on the inside. You’ll need to be naturally beautiful, rather than only looking good with tonnes of makeup on.
- Awareness of current trends: Modelling is very much about trends and what’s popular right now. You’ll need to keep ahead so you know what is expected of you.
- Passionate: Freelance modelling is one of those jobs that can only be done if you really love what you’re doing, since you’ll be working long, hard hours.
- Being healthy: Since you’ll be working such long hours, you’ll need to keep healthy and fit.
How to find work as a freelance model
Since modelling is a very competitive industry, you’ll have to do a lot of hard work in order to be noticed. Here are a few ways a freelance model can market themselves:
- Set up a website: Having your own website will make you look more professional, and is a place to display your portfolio of modelling work as well as your contact details.
- Get Z-cards: A Z-card is like a business card, but folds out, giving you space to showcase a few of your modelling photos. Hand them out to people like a business person would a business card.
- Join a modelling agency: Modelling agencies will find work for you in exchange for a percentage of your earnings.
- Attend a modelling school: a modelling school will teach you the basics of modelling, making you a better and more professional model.
Using a modelling agency to find work
Though the story of people becoming models after being spotted on the street is sometimes true, most models have to work hard to find modelling jobs. The easiest way to find work is with the help of a modelling agency. Models Connect is a website that gives advice on finding modelling jobs, as well as giving you a space to display your portfolio, which modelling agencies can see. It also features a database of all the UK-based modelling agencies. Modelling agencies will usually take a percentage of everything you earn on jobs they find for you. Avoid any agencies that require an upfront payment, and always read contracts carefully before you sign.
Becoming a better model – modelling schools
Modelling schools can be expensive, but they’ll teach you the basics of modelling, so you’ll be more professional when on jobs. You’ll also likely get the opportunity to make contacts in the modelling industry.
Accounting as a freelance model
There are various benefits to freelancing as a model, from the freedom and flexibility to work with a variety of businesses and individuals to more take-home pay. But there is one downside – accounting. As a full-time employee, your tax is usually taken care of on your behalf in the form of PAYE. As a freelancer you’ll have to keep a range of financial records and then prepare and pay a Self-Assessment tax return at the end of each business year. Accountancy can be very confusing and can distract you from your modelling work, which already requires long hours.
Getting tax and accountancy advice
With most accountants, you’ll pay them to do your year-end accounts, and then they’ll forget about you until the next year. But for your business to be run smoothly and successfully, you’ll need advice on tax and accountancy throughout the year, especially in the early days.
Pearl Accountants is different
Pearl Accountants provides an affordable and specialist accountancy service designed just for freelancers. Throughout the year we’ll be on hand to give you any tax and accountancy advice you might need, including things like:
- Take-home pay
- Which VAT scheme to register for
- Tax allowances
- Choosing between sole trader and limited company
- Running your business in a tax-efficient way
We charge for our accountancy services in a clear and simple way, which means you’ll never receive an unexpected bill, and you can get in touch for advice whenever you want without the worry of being charged a fortune like you would with many other accountants.