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Being a freelance model is very much possible. You can technically freelance in anything.
When you model for an agency or a brand, your contract is often an exclusive one. Whilst you may earn more stable and consistent income when you’re signed with an agency, there are certain advantages to modelling freelance:
Working freelance is very different to being signed to an agency. You are in control of when you work and who you work for, but this means that you don’t have the security of a contract.
That said, often being signed for an agency won’t guarantee you regular work so financially, the difference may not be that big. But there are a few things to consider before taking the plunge:
If you’re modelling freelance, you’ll be part of the self-employed workforce. Whilst this is liberating in many ways, many people dread having to do their own taxes. But it’s not as complicated as it seems.
Here are three important steps to take:
This means letting HMRC know that your income is untaxed. To do this, you fill out what’s known as a Self Assessment. You basically have to declare what income you have coming in and where it’s coming from.
This has to be done online by 5th October.
The tax year runs from 6th April – 5th April. For the 2021/22 tax year, that’s from 6th April 2021 to 5th April 2022.
During this period, you must keep a record of all your modelling income and any expenses that you incur. Example expenses could be:
You can claim back any expenses that you incur whilst doing work for your modelling business. When it comes to paying your tax bill, you will deduct the cost of your expenses from your overall earnings. You’ll therefore only pay tax on your profits.
The final step is paying your tax bill. You must do this by 31st January following the tax year that you’re paying for. In the 2020/21 tax year, for instance, the deadline to pay online is 31st January 2022.
The options to pay are:
As a self-employed model, there are three taxes to be aware of:
Click the links above to read more about what these taxes mean.
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