#TopTops: Financial Planning for Creatives
Published:
April 8, 2019
On 27th March we hosted an event on financial planning for creative entrepreneurs, freelancers, small business owners and start-ups
Here are our key lessons from the event:
- Put aside a small amount of money on a monthly basis for rainy day spending, as your business grows try and increase this year on year and build it into your long-term strategy
- Consider the financial consequences of employees being ill, injured or resigning
- Make sure you are complying with financial regulations
- Don’t forget to make a will (you can do it yourself or many solicitors will also do it for free)
Pensions
- Consider pensions to boost and support your business, for tax planning and to attract talent
- 77% of over 50s underestimate their life expectancy which means their pensions fall short
- To ensure you have a sufficient pension you are advised to save between £800 & £1000 a month for 20 years
- But anything is better than nothing so as soon as you can afford to set up a pension with a reputable company and put aside the minimum amount each month and gradually increase this as you can afford
- Pensions are a tax efficient way of saving so make good all round financial sense, but be aware of tax scams and check companies and schemes are reputable before committing
