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#TopTops: Financial Planning for Creatives

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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
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