One key duty of a self-employed model is sorting out their tax and their expenses. Due to the nature of the work, there are a large portion of tax-deductible expenses that can save models thousands.
Below are just some of the tax-deductible expenses a model should be aware of:
Travel expenses that can be claimed can include: Train fares, Bus and all other travel options for business purposes. To claim use of your car you can use HMRC’s fixed mileage amounts. Car: 45p per mile for the first 10,000 25p thereafter. Motorcycle: 24p per mile. Cycle: 20p per mile, or claim your actual business motoring expense by keeping a record of business and personal mileage.
Course fees that are incurred while on the job, for example professional workshops are allowable but new skills courses are not allowable.
Agents’ and managers’ fees
These are the fees that you will get charged if you have an agent who gets you work and will charge commission on your income, This is an allowable expense.
Clothing can be an allowable expense for models, depending on the conditions of the clothing. The clothing has to be for work use and not intended for any personal use as well.
Start Up Costs
Start up costs would be the costs that an models would incur prior to registering as self-employed. These costs can be Subscriptions and other related costs.
Make up and hairdressing is also allowable, but there has to be a clear link to the business purpose, like auditions or rehearsals, in order for this to be allowable.
For cosmetic surgery to be allowable, it will need to be in your profession. You will only incur the surgery because of your profession. There has to be a reason behind it too, E.g. Teeth straightened due to the close ups.