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

Send us Fan MailTax Season Secrets: Financial Wisdom for PerformerPreneurs - Ep.40This episode is proudly sponsored by the Showbiz Sidehustle Handbook - Get your copy here: https://ln-k.me/clGQDive 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! Chapters00:00 - 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 performers2. Different business entity types and their tax considerations3. Importance of proper record-keeping and when to start4. Leveraging technology for financial management5. Setting aside money for taxes and national insurance6. Making Tax Digital and its impact on performers7. Gaining business insights through regular financial check-insGuest 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📕  Buy The Showbiz Side Hustle Handbook: https://ln-k.me/clGQ🎭 Join our community: https://www.facebook.com/groups/Performerpreneur📕  Download our free guide - The Dream Big Workbook!: https://ln-k.me/GKCR🎙️ Listen to the podcast: https://feeds.buzzsprout.com/2386041.rssConnect with Nicole:Facebook: https://www.facebook.com/PerformerpreneurInstagram: https://www.instagram.com/performerpreneurWebsite: https://performerpreneur.co.uk/#ShowbizSideHustle #PerformerBusiness #CreativeEntrepreneur #performerpreneur